The First Hyundai Electric Vehicle Factory In The US Will Operate In October 2024

Hyundai Ioniq 7. (Doc. Hyundai)

JAKARTA - The first Hyundai plant dedicated to the production of electric vehicles and batteries in the United States (US) will open soon this October, three months earlier than the previous schedule.

Quoting from the Electrek website, Monday, February 12, the construction of a mega factory worth US$7.6 billion began in October 2022. Just a year later, the company announced that 99.9% of foundation work had been completed, and development continued to accelerate.

"We see significant progress every day on this site," said Oscar Kwon, CEO of Hyundai Motor Group Metaplant America (HMGMA).

Although Hyundai initially planned to start construction in early 2023, the company continued to accelerate development following the ratification of the Inflation Reduction Act. With a tax credit of $7,500, Hyundai accelerated the deadline as quickly as possible.

"We are trying to move forward because everyone knows how important 'tax credit' is," he added.

Munoz, in a statement to Automotive News, stated that Hyundai is "trying to move forward because everyone knows how important" is for them to qualify for tax credit.

Hyundai's first factory for electric cars is expected to open in early October 2024, three months ahead of its original schedule. Meanwhile, battery production with LG Energy is scheduled to begin in January. Hyundai also plans to buy batteries from other US factories to bridge the gap.

Once operational, the Hyundai Metaplant will be able to produce 300,000 electric vehicles each year. Hyundai stated that the facility could be expanded to 500,000 vehicles if needed.

The facility will assemble six electric models from Hyundai, Kia, and Genesis brands, including Hyundai's first three-line electric SUV, IONIQ 7. IONIQ 7 is predicted to debut this year, with production starting in 2025.