Hyundai rushing to open Georgia plant because of law rewarding domestic electric vehicle production
Hyundai is rushing to start electric vehicle and battery production at a $7.6 billion complex in coastal Georgia, spurred by federal electric vehicle incentives that reward domestic production
ATLANTA — A top Hyundai executive said Tuesday that the company is rushing to start electric vehicle and battery production as soon as possible at a $7.6 billion complex in coastal Georgia, spurred by federal electric vehicle incentives that reward domestic production.
Hyundai President and Global Chief Operating Officer Jose Munoz made the remarks to reporters in Atlanta after signing a partnership with Georgia Tech aimed at strengthening research into hydrogen-fueled vehicles and producing workers for the Korean company. Among attendees was Euisun Chung, executive chairman of parent Hyundai Motor Group.
The group, which also makes Kia and Genesis vehicles, has complained that the Inflation Reduction Act is unfair to companies importing electric batteries or vehicles from outside North America. The massive federal law, one of President Joe Biden's signature accomplishments, is aimed in part at combating climate change. The law provides a tax credit that saves EV buyers up to $7,500, but only on cars made in North America with domestic batteries.
Hyundai and other companies selling imported vehicles have still been helped by the law because dealers can apply the credit to any leased electric vehicle, no matter where it’s made, to reduce a customer’s monthly payment. Munoz on Tuesday presented figures showing the Hyundai group sold or leased the second biggest number of electric vehicles in the U.S. in the first six months of 2023, behind only Tesla.
Still, the law is pushing Hyundai to make batteries and electric vehicles in the
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