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Hyundai Motor Group steps on the gas pedal when it comes to its new plant in North America. Last October, the company opened a multimillion-dollar facility in Bryan County, Georgia, with the goal of producing electric cars by 2025. But on Tuesday, Hyundai Chief Executive Jose Munoz revealed that the timeline had been brought forward.
“We are looking to speed up the task as much as possible. And we are sure that the original date of January 2025 will probably be brought forward by about 3 months. If we can, even more,” Muñoz said.
The main motivation for the construction of electric cars in the U. S. Coming up in the U. S. are the new tax incentives for white cars. Created as part of the Inflation Reduction Act of 2022, they went into effect later this year and respond to criticism of previous EV tax credits by adding revenue source and price caps, allowing dealers to reclaim the credits if they apply them directly to the value of the vehicle and creating tax credits for the purchase of a used electric vehicle.
But for a new electric vehicle to qualify for the credit, it will have to go through the last meeting in North America, with an increasing amount of domestic content in the battery. So far, HMG is building only one electric vehicle in North America, the Genesis GV70 in Alabama, but since its battery parts come from South Korea, it’s not eligible.
Hyundai is spending $12. 6 billion to set up a plant in Georgia. HMG Metaplant America will build electric cars like the Ioniq 6 at a cost of $7. 6 billion. Hyundai says this will create more than 8,500 jobs in Bryan County. Another five billion dollars is being invested in a joint venture battery plant with SK On in Bartow County, on the other side of the state. Hyundai has in the past announced plans to build 500,000 cars a year at Metaplant.
Kia, Hyundai’s Korean cousin, will also start making electric cars in the United States next year, with the three-row EV9 SUV assembled at a plant in West Point, Georgia. (Most likely, Hyundai’s three-row electric vehicle, the Ioniq 7, will also go into production there. ) In addition, Hyundai and Kia plan to build two as-yet-unnamed electric cars in Nueva Leon, Mexico.
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