Hyundai plans US electric vehicle push with $7.6 billion Metaplant almost ready

Max McDee, 18 June 2024

In the face of a fluctuating electric vehicle market, Hyundai is doubling down on its commitment to electrifying America's roads. Hyundai Motor Group CEO Chang Jae-hoon has reaffirmed that EVs are the company's "top priority" in the United States, with the nearly completed $7.59 billion Metaplant in Georgia serving as the cornerstone of this strategy.

The Metaplant, Hyundai's first EV assembly and battery plant in the US, is on track for completion in the fourth quarter of 2024. This massive investment, along with an additional $5 billion from suppliers, is expected to create about 50,000 jobs and generate significant economic activity in the region. The plant's strategic location in Georgia, a hub for Korean businesses, further solidifies Hyundai's commitment to the state and its growing EV market.

Hyundai plans US electric vehicle push with $7.6 billion Metaplant almost ready

The investment is at a time when some American automakers are scaling back their EV investments. However, Hyundai remains undeterred, buoyed by the strong demand for its EVs, particularly the Ioniq 5, which set a new monthly sales record in May. The Ioniq brand has seen a 42% year-over-year sales increase as of May, further fueling Hyundai's confidence in its EV strategy.

Production at the Metaplant is set to begin in October, with the Ioniq 5 being the first model to roll off the assembly line. The plant is expected to produce EVs that qualify for the $7,500 federal tax credit, a significant incentive for potential buyers. Initially, batteries will be sourced from Hyundai's plant in Hungary, but the Metaplant's battery unit is slated to come online about a year later.

Hyundai plans US electric vehicle push with $7.6 billion Metaplant almost ready

Hyundai's commitment to affordability is another key factor in its EV strategy. The Ioniq 5, Ioniq 6, and Kona Electric are already among the most affordable EVs in the US, with starting prices of $41,800, $37,500, and $32,675 respectively. With the added $7,500 tax credit and lease options starting at $189 per month, Hyundai is definitely making its EVs more accessible to a wider range of consumers.



Reader comments

  • Anonymous

A Donald trump fan identified

  • Anonymous

Lol,who are you to speak for the Americans?

  • Anonymous

Americans don't want electric vehicles. There is no demand for them.This is another way for the government to control you and track you, just like the Georgia residents don't want the mega plant in our backyard, but we didn't have a sa...



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