Hyundai to start Georgia EV plant, unlocking IRA benefits
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Hyundai Motor Group Metaplant America, Hyundai Motor Group’s new electric vehicle plant in Georgia, will begin production later this year, allowing the automaker to leverage the Inflation Reduction Act benefits to better compete in the US EV market.
Hyundai announced Wednesday that the inaugural model to be produced at the Georgia plant will be the 2025 Ioniq 5. This launch, set for the fourth quarter, marks Hyundai’s first official statement on the operational timeline and specific production plans for the new facility.
The plant will manufacture all trims of the Ioniq 5 except the high-performance Ioniq 5 N, with industry expectations pinpointing October as the likely start date for production.
HMGMA, located in Bryan County, Georgia, is a dedicated EV plant that Hyundai Motor Group began constructing in October 2022. Initially slated for completion in the first half of next year, the project timeline was accelerated by about three months to align with the Biden administration’s IRA incentives, which provide substantial incentives for domestically produced electric vehicles.
Once fully operational, HMGMA is expected to significantly boost Hyundai’s market share in the US as the production of the 2025 Ioniq 5 in the US makes it eligible for the full $7,500 IRA subsidy.
Currently, Hyundai does not qualify for the US government’s IRA subsidy of up to $7,500 for electric vehicles. To compensate, the company offers $7,500 in cash incentives to customers purchasing the 2024 Ioniq 5.
According to the Korea Automobile & Mobility Association, Hyundai and Kia have collectively captured an 11.2 percent share of the US EV market from January to May this year, ranking second behind Tesla with sales of 48,838 units out of 437,246 total electric passenger vehicles sold.
Beyond the Ioniq 5, Hyundai Motor Group plans to produce six electric vehicles under the Hyundai, Kia and Genesis brands at the HMGMA facility. Additionally, with the growing demand for hybrid vehicles in the US, the company also intends to manufacture hybrid models at this plant.
Hyundai Motor Group has invested $7.59 billion in the HMGMA project, creating 8,500 jobs.
By Moon Joon-hyun(mjh@heraldcorp.com)
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