February 26, 2024, will forever be known as Hyundai Day in the state of Georgia as the automaker gears up to begin production at its first dedicated EV and battery plant in the US later this year.
Hyundai announced its fast-tracking production at its Hyundai Motor Group Metaplant America (HMGMA) in Georgia.
The automaker now expects to begin building electric cars in the US in the fourth quarter of 2024, with the grand opening in the first quarter of next year. Hyundai initially planned to begin production early next year, but the automaker is plowing ahead with the $7,500 federal tax credit on the line.
“Georgia is like a second home to us,” Jose Munoz, Hyundai Motor America CEO, explained. Munoz said the company was “very proud that Hyundai’s investments in Georgia will create tens of thousands of great paying American jobs” while bringing tens of billions into the state.
Hyundai was rewarded for its contributions to the state’s largest economic project. It even tops Rivian’s $5 billion EV factory outside of Atlanta.
The General Assembly passed a resolution declaring February 26, 2024, as Hyundai Day at the state capital for its dedication to GA.
Hyundai is investing $7.59 billion, creating 8,500 direct jobs. On top of this, Hyundai’s $5 billion battery plant with SK On will employ an additional 3,500 employees.
According to a Center for Automotive Research study, Hyundai’s EV manufacturing investments total over $12.6 billion in the US, generating 50,000 new jobs.
Hyundai and state leaders celebrated the automaker’s positive impact with Hyundai and Genesis EVs, including the IONIQ 5, IONIQ 6, GV60, and Electrified GV70, on display outside the State Capital.
Eletrek’s Take
With 51,411 electric vehicle registrations in the US last year, Hyundai was the fourth best-selling EV maker in the US behind GM’s Chevy, Ford, and Tesla.
And that was without its electric models qualifying for the $7,500 EV tax credit (only through a leasing loophole).
While US automakers Ford and GM are slowing EV initiatives, Hyundai is surging ahead. The South Korean automaker is expected to introduce its first three-row electric SUV, the IONIQ 7, this summer.
With a near complete line of EVs built on its dedicated E-GMP platform, I wouldn’t bet against Hyundai. “2024 is going to be a great year for HMGMA,” president and CEO of the plant, Oscar Kwon, said. Kwon noted the site “is advancing every day.”
Munoz previously said Hyundai is “pulling ahead,” with the start of production expected as soon as October. The Group’s leader told Automotive News earlier this month that Hyundai is fast-tracking production “because everybody knows how important it is” to qualify for the tax credit.
Electric vehicles built at the facility are expected to qualify for the tax credit. Munoz said earlier this month, “There are a lot of moving pieces, but I am confident very shortly after we start, we will be compliant.”
Once up and running, Hyundai expects to build 300,000 EVs annually. That number can go up to 500,000 if needed, according to Hyundai.
The news comes after Hyundai slashed prices on its best-selling IONIQ 5 electric SUV this month. Hyundai introduced a rare 0% financing deal that could amount to $7,800 in savings compared to a same-priced Tesla model.
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