- Hyundai plans to move the manufacturing of its electric vehicles forward to 2024.
- The new EV tax credit regulations have generated a lot of controversies.
- There are now only a few dozen electric vehicles available for purchase in the US.
The new EV federal tax credit regulations are rather simple; a vehicle must be produced in the US or a nation with which the US has a free trade agreement in order to be eligible for the $7,500 credit.
In addition, the battery used in an EV produced in the USA must be constructed with components from North America.
For the automakers, it’s a major issue, and they are all looking for a solution.
Hyundai goes above and beyond the battery agreements that VW and Mercedes have with Canada.
To bring manufacturing to the US, the corporation already has plans in place, but not until 2025.
According to an article by an International media agency, those preparations are now progressing quite a bit.
Hyundai intended to start construction on a new manufacturing facility in Georgia sometime in the first half of 2023.
The project was expected to have a 300,000 vehicle capacity annually when it begins to produce automobiles.
Hyundai plans to move the manufacturing of its electric vehicles forward to 2024 with the construction of a $5.5 billion factory that will start later this year due to new tax credit regulations that would affect sales of electric Hyundai vehicles.
If Hyundai wants to remain competitive, it makes sense for it to accelerate its ambitions.
By 2030, Hyundai expects to sell approximately 2 million electric vehicles annually, with 11 new models from its flagship brand and six high-end models from Genesis.
The Ioniq 5 has enjoyed widespread acclaim and accolades from authoritative sources, but the Ioniq 6 completely changed the game.
The Ioniq 7 is the following in line; it should be introduced sometime in 2019 and go on sale by 2024.
Despite being a good thing overall, the new EV tax credit rules have generated a lot of controversies.
There are now only a few dozen electric vehicles available for purchase in the US; see the whole list right here.
With major automakers moving production to the USA, it seems to be succeeding in this.
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