Hyundai is rushing to start electric vehicle and battery production in Georgia as soon as possible to take advantage of federal electric vehicle incentives that reward domestic production.
Hyundai currently sells imported vehicles and has been helped by the law because dealers can apply federal credit to any leased electric vehicle, no matter where it’s made, to reduce a customer’s monthly payment. The company hopes to start production at a complex in coastal Georgia by 2024.
The Hyundai group, which incudes KIA and Genesis, sold or leased the second biggest number of electric vehicles in the U.S. in the first six months of 2023, behind only Tesla. The company also announced a partnership with Georgia Tech aimed at increasing research into hydrogen-fueled vehicles.
