Yonhap: Hyundai mulls speeding up U.S. EV plant construction amid new tax break law: sources

Yonhap reports, “Hyundai Motor Co. is considering speeding up the construction of its dedicated electric vehicle (EV) plant in the United States amid a new U.S. law excluding EVs built outside North America from tax breaks, industry sources said Monday.”

Hyundai is considering starting construction of its Georgia based EV and car battery plant later this year, ideally commencing production in the second half of 2024.

“The reconsideration came as U.S. President Joe Biden recently signed the Inflation Reduction Act, which calls for expanding tax subsidies for EV buyers, but only for EVs assembled in North America.”

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