Hyundai is speeding its effort to build electric vehicles (EVs) in North America. The move could allow future buyers to qualify for federal EV tax incentives of up to $7,500.
President and Chief Executive Officer of Hyundai and Genesis Motor North America José Muñoz said the manufacturer aims to open its electric vehicle (EV) and battery plant near Savannah, Georgia, in late 2024, months earlier than its expected 2025 opening date. The $7.6 billion EV and battery facility, dubbed “Metaplant,” will build batteries for electric vehicles from Hyundai, Genesis, and Kia.
Muñoz told reporters that the carmaker is at least three months ahead of schedule as it pushes for its vehicles to comply with new federal regulations under the Inflation Reduction Act. Those regulations let consumers get up to a $7,500 rebate on new EVs and plug-in hybrids (PHEVs).
For buyers to qualify, EVs must be assembled in the United States, Canada, or Mexico. Battery minerals and parts must come from the U.S. or certain trade partners.
“The sooner we start producing cars and batteries, the sooner we can qualify,” said Muñoz. “What we decided is to double down.”
Muñoz, with other top Hyundai executives, visited Georgia Tech University in Atlanta to sign an agreement aimed at hydrogen research for trucks, buses, and other vehicles and developing a workforce pipeline for its manufacturing.
Hyundai makes the Nexo, a hydrogen fuel cell vehicle, and sells it internationally. In the U.S., the company only sells the Nexo in California. Automakers often concentrate the sales of hydrogen vehicles like the Nexo and Toyota’s Mirai to the Golden State, home to almost all of America’s hydrogen fuel stations.
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