Hyundai doesn’t care if Trump kills the EV tax credit, it plans to keep growing either way
Although President-Elect Donald Trump is promising to end the $7,500 EV tax credit, Hyundai is confident it will continue growing in the US. The company just opened a massive new $7.6 billion manufacturing plant in Georgia as it looks to grab a bigger share of the US market.
A Reuters report earlier this month claiming Trump’s transition team is planning to end the $7,500 federal EV tax credit is causing US automakers to brace for the potential major impacts.
Although US market leader Tesla reportedly supports the move, Hyundai Motor, including Kia, is preparing for any outcome.
“Hyundai did not build our [US] investment plan based on incentives; the plan was even made before Trump’s [first] term,” Hyundai’s newly elected CEO, Jose Munoz, said at the LA Auto Show last week.
In an interview with Korean media at the event (via Korea JongAng Daily), Munoz said, “If the Inflation Reduction Act goes out, it goes out for everybody, and we can even do better.” Although Hyundai’s EVs currently don’t qualify for the full $7,500 credit, like some US rivals, the company is still gaining market share.
“Competitors like Tesla step by step are losing market share and we continue to increase our share,” Hyundai’s current global chief operating officer explained.
Hyundai to remain flexible if Trump ends the EV tax credit
Hyundai opened its massive new $7.6 billion manufacturing plant in Georgia last month. The first vehicle that rolled off the assembly line was the new US-made 2025 Hyundai IONIQ 5. Hyundai upgraded its top-selling EV with more range, features, and a sleek new design. It also comes with an NACS port to charge at Tesla Superchargers.
Last week, the company also unveiled its first three-row electric SUV, the IONIQ 9, which will also be built at the facility.
However, until the battery unit opens next year, Hyundai’s US-built EVs qualify for a partial $3,750 credit. Until then, Hyundai is passing on the full $7,500 for leases.
Hyundai fast-tracked production to level the playing field in the US, its most important market. With Trump reportedly planning to end subsidies, Hyundai’s new CEO said the company will remain flexible.
“We will not only produce EVs but also hybrids and extended-range EVs at our plants, and therefore, the key for us is flexibility and then being able to adjust to what the customers want,” Munoz told reporters.
As the US is expected to pull back, China’s EV market continues surging. China became the first country to build over 10 million new energy vehicles (EVs and PHEVs) in a single year.
EV leaders, like BYD, are looking overseas to drive growth as a wave of low-cost rivals is hitting China. As sales continue surging, BYD is quickly catching up to Ford in global deliveries.
Munoz said, “China is a big threat,” but he believes Hyundai can compete with “technological prowess” and “quality.”
“A lot of consumers, when they buy Chinese products, they realize maybe the quality is not as good as others,” Hyundai leaders explained. That’s where Hyundai wants to “elevate our game in terms of providing not only the best quality but also the best services to our customers.”
Hyundai Motor, including Kia and Genesis, is outpacing Ford and GM as the second-largest seller of EVs in the US through September. With US production kicking off, Hyundai aims to solidify its spot in the US auto market.
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Chinese carmaker XPeng is getting perilously close to bringing its AeroHT consumer eVTOL concept to market, thanks to a $250 million Series B round that’s set to accelerate the company’s modular “flying car” production plans.
XPeng subsidiary AeroHT had its first successful proof of concept test flight ahead of the brand’s annual 1024 back in 2023, where the company unveiled a pair of flying car designs. The X3 is an actual flying “car” that can drive, park, and take off on its own, and a second, modular eVTOL that folds up into the back of an electric van called the Land Aircraft Carrier.
That vehicle pair, shown at CES in January, was set to begin production this year, with the eVTOL component set to begin production in 2026 – and that’s looking a lot more likely thanks to the new infusion of capital!
AeroHT at CES 2025
Xpeng Aeroht raised $150 million in Series B1 funding last August, before launching its Series B2 funding round. The most recent announcement that the company has secured an additional $100 million in its Series B2 funding round brings the total amount raised to more than $750 million, with a $1B pre-revenue valuation.
CNEVPost reports that company aims to establish itself as a commercial pioneer in urban air mobility ahead of a potential IPO – and may get there sooner than later, thanks to several hundred pre-orders at the $280,000 projected price.
Electrek’s Take
Scooter Doll said it best, writing, “this footage (of the AeroHT test flight) is as scary and concerning as it is exciting and awe-inspiring.” Which is to say that these things are real, they seem like they’re getting built, and they seem like they’ll sell well enough to convince at least one or two remaining boomers that the flying car they’ve been promised their whole lives is – finally! – coming to market.
Here’s hoping.
SOURCE: Xpeng, via CNEVPost; gallery photos by the author.
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Flooring manufacturer Beauflor USA just turned on the biggest rooftop solar system by capacity in metro Atlanta — and it’s now powering part of its Georgia factory.
The new 1,040 kW system in Cartersville officially beats metro Atlanta’s previous rooftop solar record of 1,034 kW. The new array produces enough energy to power more than 100 homes. The system is expected to cover about 10% of Beauflor’s electricity needs and cut its carbon emissions by about 920 metric tons annually.
“This solar installation represents our commitment to sustainable manufacturing practices while making sound business decisions,” said Emile Coopman, continuous improvement manager at Beauflor. He added that the system is designed with room to grow: “This is the first step toward more renewable energy.”
The company partnered with Cherry Street Energy to install the nearly 2,000-panel system, which was completed in less than four months. Cherry Street invested $1.8 million into the project and is covering all construction and maintenance costs through a 30-year energy procurement agreement. Beauflor will buy solar power directly from Cherry Street, allowing it to avoid upfront capital costs while still lowering its energy bills.
“As Georgia’s manufacturers ramp up production amid rising costs for grid energy, sophisticated operators seek ways to quickly and sustainably address their energy needs,” said Cherry Street CEO Michael Chanin. “On-site solar with no capital expense delivers just that: reliable, affordable electricity.”
Chanin added that the system’s power output is especially impressive: “The previous record-holder for metro Atlanta’s largest rooftop solar required over 4,000 panels. We’re using less than 2,000 to reliably generate even more power.”
Read more: This is New Jersey’s largest high-rise residential rooftop solar array
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Jack Dorsey, co-founder and chief executive officer of Twitter Inc. and Square Inc., listens during the Bitcoin 2021 conference in Miami, Florida, on Friday, June 4, 2021.
Eva Marie Uzcategui | Bloomberg | Getty Images
Block shares jumped more than 10% in extended trading on Friday, as the fintech company gets set to join the S&P 500, replacing Hess.
It’s the second change to the benchmark this week, after S&P Global announced on Monday that ad-tech firm The Trade Desk would be added to the S&P 500. Trade Desk is taking the place of software maker Ansys, which was acquired by Synopsys in a deal that closed Thursday.
Hess’ departure comes just after Chevron completed its $54 billion purchase of the oil producer, prevailing against Exxon Mobil in a legal dispute over offshore oil assets in the South American nation of Guyana.
Block will officially join the S&P 500 before the opening of trading on July 23, according to a statement from S&P. Stocks often rally when they’re added to a major index, as fund managers need to rebalance their portfolios to reflect the changes.
Most alterations to the S&P 500 take place during the index’s quarterly rebalancing. However, in the case of the closing of an acquisition, a company can be removed from the index and replaced off schedule. Last week monitoring software company Datadog took Juniper Networks’ place in the S&P 500 as part of the index’s quarterly change.
Block’s addition brings further tech heft to an index that’s been steadily moving in that direction in recent years, reflecting the market cap gains of companies across the sector. Block, which gained popularity as Square due to the rapid growth of the company’s payment terminals, has expanded into crypto, lending and other financial services.
Founded by Jack Dorsey in 2009, Square changed its name to Block in 2021 to emphasize its focus on blockchain technologies.
Block shares are down 14% this year, underperforming the broader U.S. market. The Nasdaq is up more than 8%, while the S&P 500 has gained 7%. Still, with a market cap of about $45 billion, Block is valued well above the median company in the index.
In May, Block reported first-quarter results that missed Wall Street expectations on Thursday and issued a disappointing outlook, leading to a plunge in the stock price. Block’s forecast for the second quarter and full year reflected challenging economic conditions that followed sweeping tariff announcements by President Donald Trump.
“We recognize we are operating in a more dynamic macro environment, so we have reflected a more cautious stance on the macro outlook into our guidance for the rest of the year,” the company wrote in its quarterly report.
The company is scheduled to report second-quarter results after the close of regular trading on Aug. 7.
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