US Automakers Still Plan To Make More EVs, Faster

US automakers continue to accelerate their electric vehicle (EV) production plans despite recent federal policy setbacks, including the elimination of the $7,500 EV tax credit. Hyundai Motor Group, alongside Ford and General Motors, is notably expanding its US operations with a strong focus on EVs. In 2024, Hyundai opened a large facility in Georgia and announced a $21 billion investment plan over three years aimed at producing 1.2 million vehicles, including both internal combustion engine (ICE) and electric models. This plan also supports Hyundai’s ventures into robotics, small modular nuclear reactors, and electric vertical takeoff and landing (eVTOL) aircraft. In August, Hyundai increased this investment by an additional $5 billion, emphasizing a substantial expansion of production capacity to better meet evolving American consumer demands with greater speed and efficiency. The evolving needs referenced by Hyundai likely pertain to the integration of EVs with modern energy technologies such as smart grids, energy storage, solar panels, and virtual power plants,