Hyundai hurries to finish factory in Georgia to meet US EV demand
Enlarge / Hyundai's well-rated Ioniq 6 could go into production in the US, which would make it eligible for a $7,500 tax credit. (credit: Hyundai)
Hyundai Motor Group is pushing the accelerator pedal when it comes to its newest North American factory. The company broke ground on the multibillion-dollar site in Bryan County, Georgia, last October with the aim of beginning production of electric vehicles in 2025. But on Tuesday, Hyundai president and CEO Jose Munoz revealed that timeline has been brought forward.
"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 said.
The main motivation for building EVs locally in the US is the new clean vehicle tax incentives. Created as part of the Inflation Reduction Act of 2022, these came into effect at the beginning of this year and address criticisms of the previous EV tax credit by adding income and price caps, allowing dealers to claim the credit if they immediately apply it to the price of the car and creating a tax credit for buying a used EV.