Hyundai’s EV sales have grown considerably in recent times, but its vehicles’ foreign production locations exclude them from U.S. federal tax credits and incentives. That’s changing for the Ioniq 5 EV, which is entering production at Hyundai’s new Georgia factory.
The facility took just two years to complete, and the site will eventually offer a production capacity of 300,000 vehicles annually with the ability to expand to half a million if demand increases. Hyundai spent $7.59 billion on the project, which it says will “ensure its vehicles meet Hyundai Motor Group’s high-quality standards.” The automaker’s spokesperson said it would hold a grand opening in the first quarter of next year.
Though it’s starting with the Hyundai Ioniq 5, the Georgia plant will eventually house production of six EVs for the group’s brands, which include Hyundai, Genesis, and Kia. Battery production will also be on-site, as the automaker partnered with LG Energy Solutions to build a new facility expected to open later in 2025.
Hyundai CEO Jose Munoz said the company would build hybrids at the facility, as the automaker was one of several to soften plans to go all-electric. Ford, General Motors, and others have walked back EV plans as buyers look to hybrids and PHEVs to avoid more expensive fully-electric models.
That said, many of those companies have pressed forward with EV investments, including Honda, which has allocated $4.4 billion to build a new EV production hub in Ohio, and General Motors, with its $391 million Chevy Bolt investment at its plant in Kansas City.
[Images: Hyundai]
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