News
Hyundai’s EV Push Increases As Multi-Billion Dollar Metaplant Nears Completion
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.
The investment comes 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 Metaplant’s battery unit is slated to come online about a year later.
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.
