Hyundai Might Speed Up Its US Manufacturing Plans
Hyundai puts its foot on the gas for US-made EVs.
Hyundai has always had plans to add more US-based manufacturing to its product line. The Korean company planned to break ground on a new EV manufacturing plant sometime in 2023. The plant would cost $5.5 billion, and wouldn’t be online until 2025. The plant would have an output of 300,000 units.
But, there are rumblings that Hyundai is trying to speed up that timeline. Now, Hyundai is expected to break ground on the new Georgia plant as early as later this year. Instead of 2025, vehicles could start rolling off assembly lines as early as the second half of 2024. Hyundai has not publicly confirmed rumors that it is speeding up the timeline of its EV plant construction.
This would be a great move for Hyundai. With the passing of the US’s Inflation Reduction Act, EVs not made in North America aren’t eligible for any federal tax credits whatsoever. This means, that the Korean-made Hyundai Ioniq 5 and Hyundai Kona Electric aren’t as price competitive as EVs like the Ford Mustang Mach-E or the forthcoming Chevy Blazer EV. Manufacturing in the US would put Hyundai’s EVs back on the competitive track. Considering, that the Ioniq 5 is a hot product and Hyundai’s Ioniq 6 is well on its way, high costs could throw Hyundai off its goal of controlling 7% of the EV market.
We should know soon if Hyundai intends to pick up the pace on its US manufacturing plans.
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Kevin has been obsessed with cars ever since he could talk. He even learned to read partially by learning and reading the makes and models on the back of cars, only fueling his obsession. Today, he is an automotive journalist and member of the Automotive Press Association. He is well-versed in electrification, hybrid cars, and vehicle maintenance.
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