Hyundai’s EV production begins in the US

Hyundai Motor said on Wednesday it has begun production of an electric vehicle (EV) in the US in response to the US Inflation Reduction Act (IRA), which allows no subsidies for imported EVs.

South Korean carmaker started to assemble the Genesis GV70 SUV in its Alabama plant to receive government subsidies for EV purchases by local customers, a company official.

The GV70 is the first all-electric model produced by Hyundai motor and under the independent Genesis brand in the Alabama plant. The Joe Biden who was signed the IRA into the law basis of US President very recently, which states that they are agreed to open up budget up to $7500 for the electric vehicles buyers in tax credit which assembled in North America only, it was ensured that Hyundai motors and their partner KIA was known to failed the margin in US market, as they now considered as production of EVs at domestic plant for the purpose to export to done in other countries or within US.

The EV promotors Alabama comes before Hyundai Motor Group

 kicks off the construction of it have signed plant in the world’s most important automobile market.

In May last year, Hyundai Motor Group announced it will invest $5.54 billion to build an EV and car battery manufacturing plant in Georgia as part of its electrification push. Hyundai Motor Group announced it will invest $5.54 billion to build an EV and car battery manufacturing plant in Georgia as part of its electrification push. Korea’s huge automaker broke ground on its new plant which is west towards of Savannah that is planned to start producing vehicles in January 2025 and build 320,000 vehicles annually. Also, it was stated by Munoz to reporters the plant will produce nearly six or seven models and could start building their vehicles unit as early as the third quarter of 2024. The group has further started their production in the first half of 2025.

Hyundai Motor plans to roll out 17 EV models by the year 2030, additionally with six Genesis models, with Kia scheduled to release 14 EVs by 2027.

Kia and Hyundai are aim to sell 3.21 million EVs, including 840,000 by the year 2030 to account for 12 per cent of the global EV market.

Their EV plans are in line with the Biden administration’s drive to attract more investment in EVs and generate more jobs in the industry. The US government aims to increase the sale of EVs to account for half of the vehicles sold in the US by 2030.