Hyundai mulls speeding up construction of US EV plant amid new law

Hyundai Motor plans to roll out 17 EV models by 2030, including six Genesis models, with Kia scheduled to release 14 EVs by 2027

Hyundai, Hyundai Motor
Hyundai
IANS Seoul
2 min read Last Updated : Aug 22 2022 | 2:35 PM IST

Hyundai Motor is considering speeding up the construction of its dedicated electric vehicle (EV) plant in the US amid a new law excluding EVs built outside North America from tax breaks, industry sources said on Monday.

Hyundai is considering starting construction of its US$5.54 billion EV and car battery plant in Georgia later this year, under a goal of commencing production in the second half of 2024, a source with direct knowledge of the matter told Yonhap News Agency.

The South Korean carmaker was originally planning to start construction on the 300,000-unit-a-year U.S. EV facility in January 2023 and begin production in the first half of 2025.

The reconsideration came as US President Joe Biden recently signed the Inflation Reduction Act, which calls for expanding tax subsidies for EV buyers, but only for EVs assembled in North America.

It is widely expected to deal a blow to Hyundai and its affiliate Kia Corp. which manufacture all of their EVs at home.

Hyundai Motor plans to roll out 17 EV models by 2030, including six Genesis models, with Kia scheduled to release 14 EVs by 2027.

Hyundai and Kia, which together form the world's fifth-biggest carmaker, aim to sell 3.23 million EVs, including 840,000 units in the U.S., in 2030 to account for 12 percent of the global EV market.

--IANS

na/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Hyundai MotorssemiconductorElectric Vehicles

First Published: Aug 22 2022 | 2:35 PM IST

Next Story