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☆ Hyundai considering hybrid vehicle production at $7.6 billion Georgia EV plant
▼ + stars: | 2024-03-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

NEW YORK – Hyundai Motor is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia, an executive told CNBC on Wednesday. José Muñoz, Hyundai president and global chief operating officer, said the company is evaluating whether or not to produce hybrid or plug-in hybrid electric vehicles at the $7.59 billion plant in addition to all-electric vehicles. The reassessment comes amid slower-than-excepted adoption of EVs, as well as the Biden administration revising emissions rules to better take into account hybrid and plug-in hybrid electric vehicles rather than a focus on all-electric vehicles. Muñoz said Hyundai remains committed to EVs but also knows hybrids and plug-in hybrid vehicles may be better for some consumers. Hyundai on Wednesday revealed a refreshed Tucson crossover that will be offered as a traditional gas engine, hybrid and plug-in hybrid electric vehicle.

Persons: José Muñoz, Muñoz, Biden, We've Organizations: Hyundai, CNBC, New York, Hyundai Motor, South, LG Energy, SK Locations: Georgia, Bryan County, South Korea, Tucson

A year has passed since Hyundai Motor Group broke ground on the $7.6 billion vehicle and battery plant, the South Korean automaker's first U.S. factory dedicated to producing EVs. The plant is being built parallel to Interstate 16 on a site that covers more than 2,900 acres (1,170 hectares). Tollison said suppliers opening shop in nine Georgia counties near the Hyundai plant will create another 6,000 jobs. It’s the largest economic development project in Georgia’s history. Pat Wilson, Georgia’s economic development commissioner, has said Hyundai is projected to have a direct payroll of $4.7 billion over the next 10 years.

Persons: ”, Oscar Kwon, Jose Munoz, ” Munoz, Tollison, Pat Wilson Organizations: Hyundai Motor Group, Korean, Hyundai, Metaplant, Economic Development Authority, LG Energy Locations: Georgia, U.S, Savannah

☆ Hyundai, LG to spend $2 billion more on Georgia battery plant
▼ + stars: | 2023-08-31 | by ( ) edition.cnn.com time to read: +2 min

Hyundai Motor Group and LG Energy Solution will boost their joint investment in a Georgia battery manufacturing plant by $2 billion and add 400 additional jobs, the companies and the state said Thursday. The auto manufacturing plant is scheduled to begin producing vehicles in January 2025 and will build 300,000 vehicles annually. Auto parts maker Hyundai Mobis will assemble battery packs using cells from the plant, then supply them to Hyundai Motor manufacturing facilities in the United States for production of Hyundai, Kia, and Genesis electric vehicles. Last year, Hyundai global chief operating officer Jose Munoz said the Georgia plant could eventually produce 500,000 vehicles annually, if demand warrants. Hyundai Motor in April said it had finalized a separate $5 billion electric vehicle battery joint venture in the US with partner SK On, a battery unit of SK Innovation Co.

Persons: Brian Kemp, Jose Munoz Organizations: Hyundai Motor Group, LG Energy, Hyundai, Hyundai Motor, Kia, Georgia Gov, SK, SK Innovation Co Locations: Georgia, Bryan County , Georgia, United States

☆ Hyundai's best years in the U.S. are set to be tested by the Inflation Reduction Act
▼ + stars: | 2022-11-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

"I think what Hyundai, Kia and Genesis have done is they've really compressed that time frame. Sales of Hyundai and Kia vehicles have risen roughly 61% since 2010 to more than 1.4 million vehicles in the U.S. last year. LMC forecasts Hyundai's sales of all-electric vehicles are expected to represent 9.2% of the U.S. EV market this year. While sales are expected to grow that percentage is seen as the company's peak until at least 2024 or 2025, when the new Georgia plant is set to come online. Munoz said the new Georgia plant is expected to produce 300,000 vehicles annually, with the potential to reach 500,000 in the future.

☆ South Korea, U.S. in 'intense conversation' over EV tax credits, trade ambassador says
▼ + stars: | 2022-10-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

SAVANNAH, Ga. – South Korean officials are working closely with the U.S. government to adjust restrictive regulations on electric vehicles under the recently passed Inflation Reduction Act, according to the county's trade ambassador Tuesday. "We are in very intense conversation at the moment," Cho said Tuesday following the groundbreaking of a $5.5 billion electric vehicle plant by Hyundai Motor Group near Savannah, Georgia. Under the IRA, plug-in electric vehicles much be produced in North America to qualify for the tax incentives. U.S. Deputy Secretary of Commerce Don Graves during the event on Tuesday called South Korea a strong trade partner, but did not comment on the Inflation Reduction Act. Last week, U.S. Trade Representative Katherine Tai spoke with Korea's Minister for Trade Ahn Dukgeun about the IRA.

☆ Hyundai to break ground on $5.5 billion Georgia plant this month
▼ + stars: | 2022-10-14 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 14 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) said Friday it will break ground this month on a $5.5 billion electric vehicle and battery plant in the United States. Hyundai plans to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The groundbreaking comes amid anger from Korea and the European Union over U.S. electric vehicle tax policy. The law made about 70% of EVs immediately ineligible for the tax credits of up to $7,500 per vehicle. Biden has expressed willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign makers of electric vehicles (EVs), South Korea said earlier this month.

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