Hyundai Motor wants to speed up construction of U.S. EV plant

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A new U.S. law excludes electric vehicles assembled outside North America from tax credits

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Hyundai Motor Co wants to bring forward the start date for the construction of an EV and battery plant in the United States.

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Hyundai Motor said in May that it is going to open new facility in Georgia in early 2023.

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The company aims to achieve commercial production in the first half of 2025 with an annual capacity of 300,000 EV units.

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U.S. President Joe Biden on Tuesday signed into law a $430 billion bill, which ends tax credits for about 70% of the 72 electric vehicle models that were previously eligible.

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As a result, EVs sold by Hyundai Motor, Kia Corp, Toyota and others are no longer eligible for the tax credits.

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South Korean Foreign Minister Park Jin expressed concerns over the new U.S. legislation during a call with U.S. Secretary of State Antony Blinken last week, according to a foreign ministry official.

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