Hyundai built its most advanced EV factory in Georgia to get access to the coveted EV and battery incentives. However, the Trump administration is phasing out the tax credits, and the tariff war means importing parts and materials will be expensive. The factory will not offer much to workers and the state, either, because Hyundai could only offset the headwinds by hiring mostly robots to work on the factory floor.
Hyundai is one of the legacy carmakers that has moved the fastest in the new EV era. The Ioniq 5 has been hailed as one of the most advanced EVs for the masses, thanks to its 800-volt E-GMP architecture. However, soon after Hyundai started exporting the Ioniq 5 from its home factory in Korea, the Biden administration announced the Inflation Reduction Act (IRA) with huge incentives for EV buyers and carmakers. However, the cars and most of their parts must be sourced from North America to qualify.
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