February 26, 2024, will forever be known as Hyundai Day in the state of Georgia as the automaker gears up to begin production at its first dedicated EV and battery plant in the US later this year.
Hyundai announced its fast-tracking production at its Hyundai Motor Group Metaplant America (HMGMA) in Georgia.
The automaker now expects to begin building electric cars in the US in the fourth quarter of 2024, with the grand opening in the first quarter of next year. Hyundai initially planned to begin production early next year, but the automaker is plowing ahead with the $7,500 federal tax credit on the line.
“Georgia is like a second home to us,” Jose Munoz, Hyundai Motor America CEO, explained. Munoz said the company was “very proud that Hyundai’s investments in Georgia will create tens of thousands of great paying American jobs” while bringing tens of billions into the state.
Hyundai was rewarded for its contributions to the state’s largest economic project. It even tops Rivian’s $5 billion EV factory outside of Atlanta.
The General Assembly passed a resolution declaring February 26, 2024, as Hyundai Day at the state capital for its dedication to GA.
Hyundai is investing $7.59 billion, creating 8,500 direct jobs. On top of this, Hyundai’s $5 billion battery plant with SK On will employ an additional 3,500 employees.
According to a Center for Automotive Research study, Hyundai’s EV manufacturing investments total over $12.6 billion in the US, generating 50,000 new jobs.
Hyundai and state leaders celebrated the automaker’s positive impact with Hyundai and Genesis EVs, including the IONIQ 5, IONIQ 6, GV60, and Electrified GV70, on display outside the State Capital.
Eletrek’s Take
With 51,411 electric vehicle registrations in the US last year, Hyundai was the fourth best-selling EV maker in the US behind GM’s Chevy, Ford, and Tesla.
And that was without its electric models qualifying for the $7,500 EV tax credit (only through a leasing loophole).
While US automakers Ford and GM are slowing EV initiatives, Hyundai is surging ahead. The South Korean automaker is expected to introduce its first three-row electric SUV, the IONIQ 7, this summer.
With a near complete line of EVs built on its dedicated E-GMP platform, I wouldn’t bet against Hyundai. “2024 is going to be a great year for HMGMA,” president and CEO of the plant, Oscar Kwon, said. Kwon noted the site “is advancing every day.”
Munoz previously said Hyundai is “pulling ahead,” with the start of production expected as soon as October. The Group’s leader told Automotive News earlier this month that Hyundai is fast-tracking production “because everybody knows how important it is” to qualify for the tax credit.
Electric vehicles built at the facility are expected to qualify for the tax credit. Munoz said earlier this month, “There are a lot of moving pieces, but I am confident very shortly after we start, we will be compliant.”
Once up and running, Hyundai expects to build 300,000 EVs annually. That number can go up to 500,000 if needed, according to Hyundai.
The news comes after Hyundai slashed prices on its best-selling IONIQ 5 electric SUV this month. Hyundai introduced a rare 0% financing deal that could amount to $7,800 in savings compared to a same-priced Tesla model.
If you’ve been waiting to buy an EV, now may be the best time to start shopping. We can help you find the perfect model at the right price. You can use our link to find great deals on the 2024 Hyundai IONIQ 5 at a dealer near you today.
FTC: We use income earning auto affiliate links. More.
Environment
U.S. crude oil falls below $60 a barrel to lowest since 2021 on tariff-fueled recession fears
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025.
Pavel Mikheyev | Reuters
U.S. oil prices dropped below $60 a barrel on Sunday on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.
Futures tied to U.S. West Texas intermediate crude fell more than 3% to $59.74 on Sunday night. The move comes after back-to-back 6% declines last week. WTI is now at the lowest since April 2021.
Worries are mounting that tariffs could lead to higher prices for businesses, which could lead to a slowdown in economic activity that would ultimately hurt demand for oil.
Oil futures, 5 years
The tariffs, which are set to take effect this week, “would likely push the U.S. and possibly global economy into recession this year,” according to JPMorgan. The firm on Thursday raised its odds of a recession this year to 60% following the tariff rollout, up from 40%.
Fueled by incentives from the Illinois EPA and the state’s largest utility company, new EV registrations nearly quadrupled the 12% first-quarter increase in EV registrations nationally – and there are no signs the state is slowing down.
Despite the dramatic slowdown of Tesla’s US deliveries, sales of electric vehicles overall have perked up in recent months, with Illinois’ EV adoption rate well above the Q1 uptick nationally. Crain’s Chicago Business reports that the number of new EVs registered across the state totaled 9,821 January through March, compared with “just” 6,535 EVs registered in the state during the same period in 2024.
Those numbers represent more than 50% growth in EV registrations – far beyond the expected 12% first-quarter increase nationally being projected by Cox Automotive. (!)
What’s going on in Illinois?
While President Trump and Elmo were running for re-election, they campaigned on the threat promise of canceling the $7,500 federal tax credit for EVs. Along with California Governor Gavin Newsom, Illinois’ Governor JB Pritzker made countermoves – launching a $4,000 rebate for new electric cars and up to $1,500 for the purchase of a new electric motorcycle.
At the same time, the state’s largest utility, ComEd, launched a $90 million EV incentive program featuring a new Point of Purchase initiative to deliver instant discounts to qualifying business and public sector customers who make the switch to electric vehicles. That program has driven a surge in Class 3-6 medium duty commercial EVs, which are eligible fro $20-30,000 in utility rebates on top of federal tax credits and other incentives (Class 1-2 EVs are eligible for up to $7,500).
We covered the launch of those incentives when the program was announced at Chicago Drives Electric last year, but the message here is simple: incentives work.
SOURCES: Chicago Business, Ray Cunningham; featured image by the author.
FTC: We use income earning auto affiliate links. More.
The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.
We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.
SOURCE | IMAGES: XCMG.
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway