February 26, 2024, will eternally be generally known as Hyundai Day within the state of Georgia because the automaker gears as much as start manufacturing at its first devoted EV and battery plant within the US later this 12 months.
Hyundai introduced its fast-tracking manufacturing at its Hyundai Motor Group Metaplant America (HMGMA) in Georgia.
The automaker now expects to start constructing electrical vehicles within the US within the fourth quarter of 2024, with the grand opening within the first quarter of subsequent 12 months. Hyundai initially deliberate to start manufacturing early subsequent 12 months, however the automaker is plowing forward with the $7,500 federal tax credit score on the road.
“Georgia is sort of a second house to us,” Jose Munoz, Hyundai Motor America CEO, defined. Munoz mentioned the corporate was “very proud that Hyundai’s investments in Georgia will create tens of 1000’s of nice paying American jobs” whereas bringing tens of billions into the state.
Hyundai was rewarded for its contributions to the state’s largest financial undertaking. It even tops Rivian’s $5 billion EV manufacturing facility outdoors of Atlanta.
The Normal Meeting handed a decision declaring February 26, 2024, as Hyundai Day on the state capital for its dedication to GA.
Hyundai is investing $7.59 billion, creating 8,500 direct jobs. On high of this, Hyundai’s $5 billion battery plant with SK On will make use of a further 3,500 staff.
In line with a Middle for Automotive Analysis research, Hyundai’s EV manufacturing investments complete over $12.6 billion within the US, producing 50,000 new jobs.
Hyundai and state leaders celebrated the automaker’s optimistic impression with Hyundai and Genesis EVs, together with the IONIQ 5, IONIQ 6, GV60, and Electrified GV70, on show outdoors the State Capital.
Eletrek’s Take
With 51,411 electrical automobile registrations within the US final 12 months, Hyundai was the fourth best-selling EV maker within the US behind GM’s Chevy, Ford, and Tesla.
And that was with out its electrical fashions qualifying for the $7,500 EV tax credit score (solely by a leasing loophole).
Whereas US automakers Ford and GM are slowing EV initiatives, Hyundai is surging forward. The South Korean automaker is predicted to introduce its first three-row electrical SUV, the IONIQ 7, this summer season.
With a close to full line of EVs constructed on its devoted E-GMP platform, I wouldn’t wager towards Hyundai. “2024 goes to be a fantastic 12 months for HMGMA,” president and CEO of the plant, Oscar Kwon, mentioned. Kwon famous the positioning “is advancing daily.”
Munoz beforehand mentioned Hyundai is “pulling forward,” with the beginning of manufacturing anticipated as quickly as October. The Group’s chief instructed Automotive Information earlier this month that Hyundai is fast-tracking manufacturing “as a result of all people is aware of how vital it’s” to qualify for the tax credit score.
Electrical automobiles constructed on the facility are anticipated to qualify for the tax credit score. Munoz mentioned earlier this month, “There are a number of transferring items, however I’m assured very shortly after we begin, we will likely be compliant.”
As soon as up and operating, Hyundai expects to construct 300,000 EVs yearly. That quantity can go as much as 500,000 if wanted, in keeping with Hyundai.
The information comes after Hyundai slashed costs on its best-selling IONIQ 5 electrical SUV this month. Hyundai launched a uncommon 0% financing deal that might quantity to $7,800 in financial savings in comparison with a same-priced Tesla mannequin.
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