Hyundai to speed up construction of U.S. EV plant for tax credits

Hyundai Motor Group said Wednesday it will speed up the construction of its electric vehicle (EV) and battery plant in the United States to benefit from tax credits for locally produced EVs.

Hyundai President and Global Chief Operating Officer Jose Munoz made the remarks in Atlanta after the South Korean automaker signed a memorandum of understanding with Georgia Tech for partnership in hydrogen-fueled electric vehicles.

In response to the Inflation Reduction Act, which gives up to US$7,500 tax credit to buyers of EVs assembled only in North America, Hyundai has been building its dedicated, 300,000-unit-a-year EV and battery plant in Georgia with the aim of starting production in the first half of 2025.

"We try to accelerate as much as possible, the project. And we are confident that the original date of January 2025 would be probably pulled ahead maybe three months or so. If we can, even more," Munoz told reporters.

The group's key affiliates, Hyundai Motor Co. and Kia Corp., have car manufacturing facilities in Atlanta and elsewhere in Georgia, respectively.

Early this year, Hyundai Motor began to produce the all-electric GV70 SUVs under its independent Genesis brand at the Alabama plant.

Source: Yonhap News Agency

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