Hyundai, the South Korean automotive giant, is set to make a significant stride in the EV industry with the launch of its first US EV plant this year, says José Muñoz, the global president and COO of Hyundai Motor Company.
The company has been rapidly building the plant that covers more than 2,900 acres (1,170 hectares) in an area parallel to Interstate 16, which will have an annual production capacity of 300,000 EVs. This first US EV plant of the SK EV giant is expected to open as early as October 2024, 3 months ahead of schedule.
Located in Georgia, Hyundai’s new EV factory will not only manufacture electric vehicles but also produce batteries to power those vehicles in a partnership between Hyundai and LG Energy Solution. Battery production with LG Energy is expected to start in January. In the meantime, Hyundai has outlined plans to source batteries from alternate US-based facilities to bridge the gap.
The facility will assemble six electric models from Hyundai, Kia, and Genesis. Among these is Hyundai’s inaugural three-row electric SUV, the IONIQ 7. The IONIQ 7 is set to be unveiled this year, with manufacturing slated to begin in 2025.
Construction on this ambitious project began on October 25, 2022. As of a year later, Hyundai announced that 99.9% of the foundation work was completed. The rapid progress underscores Hyundai’s commitment to establishing a strong foothold in the EV market.
Hyundai’s $7.6 billion EV Metaplant is poised to begin production in early 2025. It offers on-site amenities for employees, marking a modern approach towards workplace culture in manufacturing industries.
In addition to these developments, Hyundai’s EVs are eligible for $7,500 in tax credits. This incentive, aimed at promoting the adoption of electric vehicles, makes Hyundai’s EVs an attractive option for potential buyers.
Hyundai’s investment in the EV industry is not confined to the US. The company has also started construction on a $1.5 billion EV plant in Ulsan, South Korea, with an annual capacity of 200,000 units. This global expansion indicates Hyundai’s comprehensive strategy to assert its presence in the EV market worldwide.
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