Friday, July 12, 2024

Hyundai begins construction of a US$5.5 billion electric vehicle factory in Georgia

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Hyundai Motor started construction of a US$5.5 billion electric vehicle and battery factory located in Georgia, United States.

Hyundai plans to start commercial production in the first half of 2025 at a large factory in Bryan county about 30 miles west of Savannah, which will have an annual production capacity of 300,000 units.

Georgia Governor Brian Kemp and several invited guests attended the event and all applauded the investment that will eventually add 8,100 jobs.

Kemp said that since 2020 Georgia has announced 30 projects related to electric mobility that will eventually generate $13 billion in investment and nearly 19,000 jobs.

In addition, Rivian Automotive is also rumored to be investing 5 billion US dollars to set up an EV factory in Georgia.

The breakthrough comes amid anger from Korea and the European Union over the US tax policy on electric vehicles.

As is known, the Inflation Reduction Act signed by President Joe Biden last August required EVs to be assembled in North America to qualify for the US tax credit.

However, Hyundai and its affiliate Kia Corp as well as major European automakers are excluded from EV subsidies because they have not made electric vehicles there.

On the other hand, sales of the Hyundai Ioniq 5 in the United States slumped about 14 percent in September due to the enactment of a new US law.

President Joe Biden open to discuss with South Korean leaders for federal tax incentives

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