Hyundai says EVs are ‘top priority’ in the US with massive $7.6B Metaplant opening soon
Despite the competition pulling back, Hyundai is racing full speed ahead as it looks to close the gap with Tesla in the US electric vehicle market. Hyundai Motor Group CEO Chang Jae-hoon confirmed EVs are “the top priority” in the US as construction on its massive $7.59 billion Metaplant wraps up in Georgia.
After kicking off construction on its first EV assembly and battery plant in October 2022, the facility is almost complete.
Although several US automakers, including Ford and GM, recently pulled back, Hyundai’s CEO is confident in the Korean automaker’s big bet on EVs.
“Even though the demand for electric vehicles is temporarily fluctuating more than expected, we believe our direction toward electric vehicles is correct,” Chang said to reports in Seoul Monday.
“For now, electric vehicles are the top priority,” Hyundai’s leader added while at an event organized by Georgia Governor Briant Kemp. The comments come as construction on the Hyundai Motor Group Metaplant America (HMGMA) is expected to be complete in Q4 2024.
“Georgia is not only a key area for our company but also the region where the most Korean companies have expanded, making it significantly important in terms of investment scale,” Chang explained.
Although Hyundai Motor has invested $7.59 billion, with its suppliers, the company has attracted over $12.6 billion in investments in the state. It will also create about 50,000 new jobs.
Hyundai is doubling down on EVs in the US
Chang’s comments reflect the same attitude Hyundai’s North American CEO, Randy Parker, had during a recent interview with Electrek.
Parker said Hyundai is “humble and hungry” to separate the brand from the competition (read the full interview here). Hyundai Motor, including Kia, is the second-biggest EV brand in the US.
“Demand for our vehicles, especially EVs, remains high,” Parker said. Hyundai’s top-selling IONIQ 5 set a new monthly sales record in May, with 4,449 units sold. Hyundai’s IONIQ EV brand sales are up 42% YOY as of May.
| January | February | March | April | May | 2024 YTD Total | % Chg YTD | |
| Hyundai IONIQ 5 sales | 1,465 | 1,993 | 3,361 | 3,702 | 4,449 | 14,973 | +43% |
The EV production line at Hyundai’s Metaplant is expected to be ready in October. Hyundai’s IONIQ 5 will be the first to roll off the assembly line.
Once assembly begins, Hyundai expects EVs built at the facility to qualify for the $7,500 federal tax credit, giving the automaker even more momentum.
Although the battery unit will come online about a year later, it will be sourced from Hyundai’s Hungary plant. Hyundai, like many automakers, is passing the EV tax credit on to those leasing, drastically reducing prices.
Hyundai already has six of the top ten most affordable and fuel-efficient EVs in the US this year, but the company isn’t planning to slow down.
|
2024 Hyundai IONIQ 5 trim |
Starting Price (excluding destination fee) |
Price after potential $7,500 EV tax credit (excluding destination fee) |
Range (EPA est miles) |
| SE Standard Range | $41,800 | $34,300 | 220 |
| SE | $45,850 | $38,350 | RWD: 303 AWD: 260 |
| SEL | $47,400 | $39,900 | RWD: 303 AWD: 260 |
| Limited | $53,500 | $46,000 | RWD: 303 AWD: 260 |
| D100 | $59,400 | $51,900 | 260 |
Starting at $41,800, Hyundai’s IONIQ 5 is already one of the cheapest EV options in the US, alongside the IONIQ 6 ($37,500) and the new Kona Electric ($32,675).
They are also some of the fastest charging (10% to 80% in 18 minutes) and long-range models (up to 361 miles EPA-est range) on the market.
However, with an added $7,500 cash offer, Hyundai EV leases start at just $189 per month. It’s no wonder Hyundai is racing past rivals.
Electrek’s Take
Hyundai continues surging ahead in the US as rivals are putting off EV investments. The automaker has already proven it’s a real competitor as the US electric vehicle market continues growing.
With access to the $7,500 tax credit, Hyundai looks to strengthen its position and close the gap with Tesla.
The early commitment with its dedicated IONIQ brand and E-GMP platform is paying off as Hyundai looks to take the next step. Hyundai is also expected to reveal its first three-row electric SUV, the IONIQ 9, in the US soon (Check out this video of it testing in the US).
With sales of Kia’s first three-row electric SUV, the EV9, off to a hot start in the US, Hyundai is expected to see similar results.
If you’re in the market for a new electric vehicle, Hyundai is offering some of the lowest prices yet with massive savings opportunities. You can use our links below to find deals on Hyundai’s EVs at a dealer near you.
Source: The Korea Times
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Climate XChange’s 9th Annual EV Raffle is your chance to win the electric car of your dreams – from Rivian to Tesla to Porsche and more!
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How it works
Enter at CarbonRaffle.org/Electrek. Every ticket you buy is one entry to win. Climate XChange is only selling 5,000 tickets, which means your odds are better here than most internet sweepstakes! Plus, you can feel good knowing your ticket supports an amazing cause: pushing for state-level climate action and advancing the transition to a zero-emissions economy.
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That’s two drawings for the price of one ticket – and four chances to win big!
Why enter?
Climate XChange has been making dreams come true for nearly a decade. Last year’s winner drove off in a custom red Tesla Model X Plaid, and you could be next! Climate XChange takes fairness seriously: It prints every raffle ticket stub and live-streams the entire drawing process, ensuring transparency. Independent auditors oversee everything, so you know the drawing is legit.
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Get your ticket today
Visit CarbonRaffle.org/Electrek to grab your ticket. Limited tickets are available – remember, Climate XChange is only selling 5,000 tickets – so don’t miss your shot at an electric future!
Climate XChange EV Raffle rules summary
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All proceeds support Climate XChange’s work to push for ambitious climate policy – so even if you don’t win, you’re still making a difference.
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China just connected its largest single-capacity solar farm built on a former coal mining area, which is in the Gobi Desert, to the grid.
The Mengxi Blue Ocean Photovoltaic Power Station, located in Otog Front Banner, Ordos, Inner Mongolia, came online on November 5. With a massive installed capacity of 3 gigawatts (GW) and over 5.9 million solar panels, the plant will generate around 5.7 billion kilowatt-hours of electricity annually – enough to power 2 million households.
This huge project will save about 1.71 million tons of standard coal each year and cut carbon dioxide emissions by roughly 4.7 million tons, which is equivalent to planting 62,700 hectares (around 155,000 acres) of trees.
Built on coal mining subsidence land, Mengxi Blue Ocean is part of China’s national West-East Electricity Transfer Project, which brings investment and development to western China west while supplying the growing need for electricity in the eastern provinces.
The solar farm includes the country’s first large-scale outdoor solar testing base in the Gobi Desert climate, demonstrating the potential for large solar installations in challenging environments.
The power station makes use of new rare earth alloy grounding materials, cutting costs by 40%. It also replaces traditional concrete foundations with steel to minimize impact on the local grassland ecosystem.
Chuang Xihong, deputy director of the Engineering Construction Department of Guodian Power Group, CHN Energy’s parent company, explained that Mengxi Blue Ocean is an agrivoltaic project as well [via PV Tech]:
Fine forage and sand-fixing plants are planted under the PV modules, providing grazing for Australian White Sheep and chickens. A composite ecological development model will be established where PV power generation and breeding will go hand in hand.
Read more: China powers up the world’s largest open-sea offshore solar farm
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