Hyundai to build US plant for $5.5 billion
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South Korean automaker Hyundai has announced that it will begin construction of a plant to produce electric vehicles and batteries in the United States in October. The project is estimated at $5.5 billion. Reuters with reference to the company’s statement.
The groundbreaking of the plant is scheduled for October 25 in Savannah, Georgia. The annual capacity of the enterprise is estimated at 300,000 vehicles. Hyundai intends to launch commercial production at the plant in the first half of 2025. The project is part of Hyundai’s $10 billion strategy to “promote mobility in the US, including electric vehicles.”
In August, US President Joe Biden signed the Inflation Reduction Bill 2022 into law. In particular, the law provides for the allocation of tax subsidies for the purchase of electric vehicles. But this provision only applies to electric cars assembled in North America, and gives an advantage in the US market to local manufacturers – Tesla and General Motors. South Korean manufacturers have expressed concern about this decision. Mr. Biden, in a letter to South Korean President Yoon Suk-yeol in September, assured that the new rules would not harm South Korean automakers, and announced his readiness to discuss this issue.
On the success of American auto companies – in the material “Kommersant” “Tesla ramps up bitcoin sales”.
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