Hyundai Motor Considers Speeding up US Electric Vehicle Production

A $430 billion bill signed by the US President on Tuesday ends tax credits for about 70% of electric vehicles.

In the United States, Hyundai Motor Co may construct an electric vehicle and battery plant due to new tax credits.

By 2025, Hyundai Motor hopes to manufacture 300,000 electric vehicles annually at its new facility in Georgia.

In a Yonhap report, the source said Hyundai Motor might begin construction this year for a commercial production start in 2024.

Tax credit eligibility has been removed for EVs sold by Hyundai Motor, Kia Corp, Toyota, and others.

According to a foreign ministry official, Park Jin expressed concern about the new U.S. legislation last week.

The Hyundai Motor Company did not immediately respond to a request for comment.

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