Friday, October 11, 2024
HomeCar NewsHyundai Motor May Speed Up Construction Of Ev Factory In Us

Hyundai Motor May Speed Up Construction Of Ev Factory In Us

Join Gearhead Community on Telegram

Hyundai is considering starting construction later this year in order to begin commercial production in the second half of 2024.

A new US law excluding electric vehicles assembled outside North America from tax credits could persuade South Korea’s Hyundai Motor Co to bring forward the start-date for construction of an EV and battery plant in the United States to as early as this year, Yonhap news agency reported on Monday.

Hyundai Motor announced in May that it would break ground on its new Georgia facility in early 2023, with commercial production beginning in the first half of 2025 and a capacity of 300,000 units per year. However, Yonhap reported that the company is now considering starting construction later this year in order to begin commercial production in the second half of 2024, citing an unidentified auto industry source. Hyundai Motor did not immediately respond to requests for comment. On August 16, US President Joe Biden signed into law a $430 billion bill that eliminates tax credits for roughly 70% of the 72 EV models that were previously eligible.

Read More: Fast Luxury Cars in USA | Top 5 list of Fastest…

As a result, electric vehicles sold by Hyundai Motor, Kia Corp, Toyota, and others are no longer eligible for tax breaks. According to a foreign ministry official, South Korean Foreign Minister Park Jin expressed concerns about the new US legislation during a call with US Secretary of State Antony Blinken last week.

Read More:  2022 Maruti Suzuki Celerio - Price List And Mileage

Industry Minister Lee Chang-yang told a parliamentary session that South Korea will consider filing a complaint with the World Trade Organization over the United States Inflation Reduction Act, citing concerns that the law may violate WTO rules and a bilateral free trade agreement between South Korea and the United States. According to Lee, the country’s Trade Minister Ahn Duk-geun plans to discuss the issue with US officials next week during his visit to Washington.

Read More: Hyundai announces $400M AI, Robotics institute Powered by Boston Dynamics

 

Get the Latest Automotive Updates here. For more such content stay subscribed to YoutubeGoogle NewsFacebook, & TwitterInstagram. Also, follow us on Flipboard & Reddit where we have a discussion community.

MORE HOT TOPICS

Maruti Grand Vitara Dominion edition

Maruti Grand Vitara Dominion Edition Launched

0
The Maruti Grand Vitara has received a new Dominion Edition for the holiday season. This limited-run model includes a variety of exterior and interior...