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

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

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

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

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

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.

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

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.