Hyundai To Accelerate Constuction Of US EV Plant To Avoid Fallout From New Tax Credit Rules
Hyundai may accelerate its plans for the construction of an electric vehicle and battery manufacturing plant in the United States to as early as this year.
The South Korean car manufacturer had originally intended on breaking ground at the Georgia facility in early 2023 with the aim of starting commercial production in the first half of 2025. However, newly-signed U.S. laws enacted by President Joe Biden that reserve EV tax credits to vehicles assembled in North America may prompt Hyundai to tweak its plans.
Reuters says that the carmaker is considering starting construction of the plant later this year and that production could commence in the second half of 2024.