Hyundai rushing to open Georgia plant because of law rewarding domestic electric vehicle production

Published September 19, 2023 1:33 PM

By JEFF AMY
Associated Press

ATLANTA (AP) — Hyundai is rushing to start electric vehicle and battery production at a $7.6 billion complex in coastal Georgia, spurred by federal electric vehicle incentives that reward domestic production. Hyundai’s Jose Munoz made the remarks Tuesday in Atlanta after signing a partnership with Georgia Tech. Munoz says Hyundai wants to start production in Georgia in 2024, ahead of the previously announced 2025 date. Munoz says a recent $2 billion spending boost to make more batteries at the site is also spurred by a desire for domestic production. Federal law provides a $7,500 tax credit on electric vehicles, but only if the cars and batteries are made in North America.

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