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Following extensive deliberation and discussions with the U.S. government, Hyundai, a South Korean car manufacturer, declared on Thursday its intention to construct a vast battery factory in Georgia to furnish its forthcoming electric vehicles with domestically procured batteries. The battery factory is anticipated to commence operations in 2025.
The declaration, without specifying the facility’s financial outlay, indicated that it would create up to 3,500 employment opportunities and infuse $4-$5 billion into Bartow County, located 45 miles north of Atlanta. As per the announcement, Hyundai and SK On, the electric vehicle battery branch of SK Innovation, inked an accord for the new facility. SK presently manages a battery plant in Commerce, Georgia, approximately 70 miles northeast of Atlanta.
In October, Hyundai commenced construction of its distinct $5.5 billion electric car manufacturing plant and battery factory in Bryan County, Georgia. Hyundai and its South Korean proprietors have been amongst the most vocal critics of the substantial reshuffling of electric vehicle incentives following the enactment of the Inflation Reduction Act. Post its enaction, electric vehicles from overseas auto manufacturers like Hyundai were subjected to more stringent sourcing and assembly prerequisites, potentially excluding numerous of Hyundai’s expanding array of electric vehicles.
In the legislature, at least one proposed legislation aims to alleviate those sourcing demands until 2025, seemingly to lend direct support to Hyundai and Kia, with Georgia representatives spearheading the bill—albeit it remains uncertain whether these measures will be rescinded following the announcement of the new facility.
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