With Hyundai saying they’re going to break ground on a new plant to make electric cars even sooner than anticipated, the early indicators are a resounding “Of course.”
Here’s the insight about the IRA, I hadn’t seen till this announcement:
The new regulations signed by US President Joe Biden stipulate that electric cars built outside North America are excluded from tax incentives.Hyundai to accelerate schedule for US plant
So, for companies that want to take advantage of the substantial benefits of producing green cars, they gotta make them in the US…
For background, the plant will be located outside of Savannah and is expected to grow to make 300,000 EV cars/year.
Update on Aug 24:
Looks like Fisker wants to join the US manufacturing party!