Hyundai is pulling out all the stops in its efforts to begin EV production at its Georgia plant, eager to benefit from government incentives.
According to AP News, Hyundai President and Global COO Jose Munoz, said the company is targeting 2024 to begin EV production at its Georgia facility, speeding up construction to meet the goal.
“What we decided is to double down,” Munoz said. “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.”
At stake is the $7,500 tax credit buyers can receive when purchasing an EV, thanks to the Inflation Reduction Act. The catch, however, is that buyers are only eligible if buying EVs made in North America and containing domestic batteries.
“We would like to ensure that the sourcing of the batteries is 100% USA in order to comply with the IRA,” Munoz said.