To Deal with U.S. Inflation Reduction Act
Hyundai Motor Co. is considering establishing a joint venture battery plant in the United States in response to the U.S. Inflation Reduction Act (IRA), a high-ranking official of the automaker said on Oct. 24.
Seo Kang-hyun, vice president of Hyundai Motor’s Strategy and Finance Division, said in a third-quarter earnings conference call that the company is studying various localization options to secure a stable supply of electric vehicle batteries in overseas markets, including the United States.
Referring to the U.S. Inflation Reduction Act, Seo said, “As similar regulations are expected to be introduced in other regions in the future, we have to respond to such a move,” Seo added.
Hyundai Motor announced that it will hold a groundbreaking ceremony for a new plant in the U.S. State of Georgia, which is dedicated to production of electric vehicles, on Oct. 25.