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Hyundai speeding up Georgia electric car factory plans after losing EV tax credits, report says
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Hyundai is looking to open its upcoming Georgia factory earlier than expected following changes to the U.S. federal electric vehicle tax credit, which disqualified all of its South Korean-made EVs, according to a new report.
The automaker in May announced plans to build the $5.5 billion factory outside Savannah with the capacity to build up to 300,000 vehicles annually and a start date for manufacturing in early 2025.
Yonhap now reports that Hyundai is accelerating the timeline and will break ground this year in order to have the plant operational in the second half of 2024, sources familiar with the plan told the news agency.
Hyundai has not responded to a request for comment from FOX Business.
THE INFLATION REDUCTION ACT IS CHANGING ELECTRIC CAR TAX CREDITS