Hyundai Motor Group (HMG) said it was speeding construction of its new electric vehicle (EV) plant in the US to benefit early from tax credits and incentives available under the Inflation Reduction Act (IRA).

The government is offering up to US$7,500 in tax credits to buyers of EVs produced in North America under the act which was signed off by the Biden administration last year.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The maker of Hyundai, Kia and Genesis began construction of a dedicated EV plant in Georgia last October with planned capacity for 300,000 vehicles per year.

Completion was originally scheduled for the beginning of 2025 but the automaker is keen to establish a strong earlier presence in the region’s fast-growing EV market.

Jose Munoz, CEO of Hyundai and Genesis North America, announced the faster track plans during a visit to Georgia Institute of Technology in Atlanta this week to sign a technical partnership agreement for hydrogen vehicles.

See Also:

He said: “We will try to accelerate the project as much as possible and we are confident that the original date of January 2025 will be pulled forward by three months or so. Even more if we can.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Earlier this month HMG and LG Energy Solution said the total estimated cost of their 30 gigawatt/hour (GWh) EV battery joint venture plant in Savannah, also in Georgia, had soared 40% to US$7.6bn from US$5.5bn due to rising construction costs, after they brought forward completion into the second half of 2024 from 2025 to meet HMG delivery schedules.

Hyundai and Kia are also adding EV production lines at existing plants in Alabama and Georgia, respectively.

Earlier this year Alabama began production of the Genesis GV70 electric SUV.