Hyundai Motor Co is breaking ground on a $5.5 billion plant in the United States with an annual capacity of 300,000 electric vehicles. The plant is part of a commitment by the South Korean automaker to invest $10 billion by 2025 in EV manufacturing. The announcement comes amid controversy over U.S. electric vehicle tax policy.
Boosting domestic production of EVs
Hyundai Motor Company and its subsidiary Kia have announced plans to invest $16.5 billion in the domestic production of electric vehicles by 2030. The investment will help them build a new factory that will be able to produce about 150,000 electric vehicles annually. The two companies hope to have their cars cost the same as battery electric cars by the year 2030, and will be carbon neutral.
Tax incentives
South Korea’s Hyundai Motor is preparing to break ground on a US electric vehicle plant. The company hopes to start commercial production by 2024, and the company hopes to get a tax credit for EVs produced in the U.S., Yonhap reported. Hyundai officials weren’t immediately available for comment. The company is also grappling with a recent change in U.S. law that cuts off tax credits for 70% of EVs. Nevertheless, the South Korean government’s Foreign Minister Park Jin expressed his displeasure at the new law.
South Korean Hyundai automaker’s investment in Georgia
Georgia has long had a strong relationship with the Korean auto industry. One of its largest customers is the South Korean automaker Kia, which ships parts to the country from plants in Brunswick, Ga. Hyundai also has a significant presence in Atlanta, which is home to a large Korean diaspora. Additionally, the city also has good nonstop air connections to Seoul.
South Korea’s Hyundai Motor Co. has announced plans to build an electric vehicle manufacturing plant in Georgia. The new plant will employ around 7,500 people and will be located east of Atlanta. However, a Morgan County judge recently rejected a plan to exempt the plant from $700 million in property taxes. The company has agreed to pay $300 million in lieu of the taxes, and both state and local officials are considering appealing.
The $5.5 billion EV plant that Hyundai is building in Georgia will be the largest plant of its kind in the United States. It will produce an array of EV models for customers across the U.S. and may also export cars to other countries. The plant will make the Kia EV9 and the Hyundai Ioniq 7. Both will have three rows of seating.
Starting commercial production in 2025
Hyundai plans to start commercial production of electric vehicles by 2025, according to its latest news release. The company has already announced plans to build an EV plant in Georgia, but a number of obstacles remain before it can reach that milestone. For example, the government’s Inflation Reduction Act cuts off the market for EVs manufactured outside of North America. In August, Hyundai said it may speed up development of the site.
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