The Opelika City Council approved tax abatements and exemptions today for several of Hyundai Motor Manufacturing Alabama (HMMA) suppliers at the May 3, 2022, City Council meeting. These include Cumberland Plastics, Daewon and Hanwha.
The following investments will be made at Opelika-based suppliers to support the addition of the Hyundai Santa Fe Hybrid and electrified Genesis GV70 sport utility vehicles – Hanwha - $18 million, Daewon - $2 million and Cumberland - $1 million.
Mayor Gary Fuller responded, “HMMA’s success is heavily dependent on the talent and expertise of hundreds of suppliers who provide parts and other materials to Hyundai’s automotive assembly plant in Montgomery. We are excited that several call Opelika home.”
HMMA recently announced it will continue to grow its sport utility vehicle production capabilities later this year with the addition of the Electrified Genesis GV70 and the hybrid version of the Santa Fe. These clean mobility vehicles will join the Elantra sedan, Santa Fe and Tucson SUVs and Santa Cruz sport adventure vehicle on the Montgomery assembly line.
Lori Huguley, CEcD, Director of Opelika Economic Development added, “We are so appreciative of HMMA and their continued investment and growth in Alabama. Our suppliers will benefit and continue to expand to match this growth.”
The addition of the Electrified GV70 and Santa Fe Hybrid will mark the beginning of Hyundai’s electric vehicle production in the United States. The latest milestone for HMMA received the green light during a recent project agreement signing ceremony with Alabama Governor Kay Ivey at the state capitol.
For more information, please contact John Sweatman, Project Manager, Opelika Economic Development, at jsweatman[email protected].