Fri. Sep 22nd, 2023
    Hyundai to Accelerate Electric Vehicle Production in Georgia, Driven by Incentives

    Hyundai President and Global Chief Operating Officer Jose Munoz has announced that the company is fast-tracking its plans to start electric vehicle (EV) and battery production at a $7.6 billion complex in coastal Georgia. This decision comes as a response to federal EV incentives that reward domestic production. Hyundai seeks to take advantage of the Inflation Reduction Act, which offers a tax credit of up to $7,500 to EV buyers, but only for vehicles manufactured in North America with domestic batteries.

    Munoz highlighted the importance of the law in pushing Hyundai to establish battery and EV production in the U.S. at an accelerated pace. Construction at the Georgia plant is progressing rapidly, and the company expects to commence production in 2024, potentially three months ahead of schedule. To support this, Hyundai and battery partner LG Energy Solution have increased their investment by an additional $2 billion, allowing for expanded capacity to supply batteries for all 300,000 vehicles Hyundai plans to assemble in Georgia.

    Munoz stated that Hyundai’s ultimate goal is to source batteries 100% from the U.S., ensuring compliance with the Inflation Reduction Act. The increased investment will enable Hyundai and LG to employ the best possible technology in battery production. Additionally, Munoz expressed the company’s commitment to the transition to fully electric vehicles and emphasized the potential of fuel cell EVs for heavy-duty trucks and long-range applications.

    In partnership with Georgia Tech, Hyundai aims to strengthen research into hydrogen-fueled vehicles and cultivate a pipeline for graduates to seek employment at the company. The agreement will allow Hyundai to tap into Georgia Tech’s research expertise in hydrogen technology.

    Sources: [Source]