To qualify for EV tax credit, Hyundai to start building new EV plant this month

October 15, 2022 By Fakun Gram

(Image Credit Google)

According to Electrek, Hyundai will officially begin building its $5.5 billion electric vehicle factory in Georgia on October 25. The automaker has been coordinating with US authorities over changes to the recently passed climate law's Electric Vehicle (EV) tax credit for months. According to The Atlanta Journal-Constitution, Hyundai will meet with state and local officials to begin the 3,000-acre project, which is the largest significant economic development initiative in Georgia's history. Hyundai new EV plant

The building will serve as the automaker's first specialized EV plant. Hyundai disclosed its ambitions and the fact that it has a contract with the government to begin building in early 2023 in May. Hyundai has expressed its worries about the Inflation Reduction Act's potential adverse consequences on automakers since it was passed in August, though. Hyundai models previously qualified, but only under tight battery sourcing and assembly conditions; this would no longer be the case. The climate law was approved to boost US manufacturing capacity and aid in the country's switch to electric vehicles.

By Fakun Gram

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To qualify for EV tax credit, Hyundai to start building new EV plant this month

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