Hyundai to break ground on $5.5 billion Georgia plant this month
South Korea's Hyundai Motor Co (DE.HYU) said Friday it will break ground this month on a $5.5 billion electric vehicle and battery plant in the United States.
Hyundai plans to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The Oct. 25 groundbreaking for the Hyundai Group "metaplant" in Savannah, Georgia is part of the Hyundai Group’s "commitment of $10 billion by 2025 to foster future mobility in the U.S., including production of EVs," the company said.
The law made about 70% of EVs immediately ineligible for the tax credits of up to $7,500 per vehicle.
Biden has expressed willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign makers of electric vehicles (EVs), South Korea said earlier this month.