According to South Korean media sources, the company is planning to make electric vehicles in the United States. The Hwasung plant in South Korea is where the EV6 is built. The report says that some of the EV assembly will be moved to the US by the year 2024.
The recently passed Inflation Reduction Act requires auto manufacturers to build electric vehicles in North America in order to qualify for incentives.
The second- and third-highest EV market share is held by the two Korean companies.
The US had been threatened with legal action by the companies over what they saw as a discrimination policy. If the law goes into effect, it will mean that almost every domestic EV manufacturer will be out of business.
If customers can't take advantage of the new federal incentives, the second highest market share for electric vehicles in the US could be at risk.
The electric vehicle and battery plants that will be built in Georgia by the end of the decade are already being made state-side.
It might be a good idea forHyundai to speed up that process and build the Ioniq 5 in order to bring the EV6 manufacturing state-side. The vehicles are based on the same platform. The next generation of cars, like the Ioniq 6 and the EV9 SUV, will be ready to go once everything is set up by the two Korean companies.
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