SEOUL, Sept. 20 (Yonhap) — Hyundai Motor Group reported Wednesday that it will accelerate the construction of its electric vehicle (EV) and battery plant in the United States to take advantage of tax credits for locally-made EVs.
Hyundai President and Global Chief Operating Officer Jose Munoz made the statement in Atlanta after the South Korean automaker inked a memorandum of understanding with Georgia Tech for collaboration in hydrogen-powered electric vehicles.
In response to the Inflation Reduction Act, which grants up to US$7,500 tax credit to purchasers of EVs manufactured only in North America, Hyundai has been constructing its exclusive, 300,000-unit-a-year EV and battery plant in Georgia with the goal of beginning production in the first half of 2025.
“We are attempting to speed up the project as much as possible. And we are confident that the original date of January 2025 would be probably moved up by around three months or so. If possible, even more,” Munoz told reporters.
The group’s key affiliates, Hyundai Motor Co. and Kia Corp., have car production facilities in Atlanta and other areas 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.
This file photo taken Oct. 24, 2022, shows Hyundai Motor's and Kia's headquarters in Yangjae, southern Seoul. (Yonhap)
kyongae.choi@yna.co.kr
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