Hyundai to hasten construction of $5.5 billion electric car plant to qualify for tax credits

Hyundai Motor Group will speed up the construction of a massive new manufacturing project in Georgia to avail of new federal tax credits for electric vehicles next year.

A significant share of the battery components must be manufactured in the US to qualify fior halfof the $7,500 credit for news vehicles.

The South Korean carmaker recently broke ground on its $5.5 billion plant in Georgia, the company's first in the US dedicated to making electric vehicles.

The South Korean carmaker hopes to produce 300,000 electric vehicles per year when it opens the factory in 2025.

Hyundai would employ at least 8,100 personnel in the plant.

Euisun Chung, executive chairman of Hyundai Motor Group, said the plant in Bryan County west of Savannah, will be the envy of the industry.

It’s the largest economic development project Georgia has ever seen, say, state officials.

According to Gov. Brian Kemp, the project is transformational for the region that will resonate for generations to come.

President Joe Biden has also embraced boosting U.S. production and sales of electric vehicles as a key part of his strategy for slowing climate change and adding manufacturing jobs. The White House recently announced $2.8 billion in grants to ramp up the production of EV batteries in 12 states.