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Hyundai Motor to Start EV Production at US Alabama Plant

Hyundai to invest $300 million to build the Electrified Genesis GV 70 and a hybrid version of the Santa Fe at Montgomery site


South Korea has sought a three year exemption for some Korean carmakers selling EVs in the US, its foreign ministry said on Friday.
Hyundai has begun work on a new plant to make electric vehicles in Georgia. Seoul wants firms such as Hyundai to retain US tax credits for three years till its new factory is up and running. Photo: Reuters.

 

South Korean auto giant Hyundai Motor Co plans to add electric vehicles (EV) for the first time to its Montgomery assembly line in the United States. 

Hyundai Motor Manufacturing Alabama said on Tuesday it plans to invest $300 million to build the Electrified Genesis GV 70 and a hybrid version of the Santa Fe at its US manufacturing centre. 

It marks another groundbreaking moment for the carmaker after it launched a new automotive plant last month to produce Indonesia’s first locally assembled electric vehicle.

 

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Hyundai said it would invest $1.55 billion up to 2030, with starting capacity of 150,000 vehicles per year, to be expanded later to 250,000 annually. 

The group’s chairman Euisun Chung said the new plant would also be linked with a Hyundai-LG joint venture battery plant, which is scheduled to open in 2024.

LG Energy Solution and Hyundai started construction of the $1.1 billion EV battery plant in September, which at its full capacity is expected to produce 10 gigawatt hours of battery cell power.

 

  • Reuters with additional editing by Sean O’Meara

 

 

Read more:

Korea’s Hyundai Investing $16bn To Produce 1.87m EVs A Year

Hyundai Motor Aims To Develop Its Own Chips

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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