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Hyundai Motor Group has announced that its all-electric IONIC 5 SUV will be the first to be made at the new Meta Plant near Savannah — and that it will happen before the end of this year.
The company plans to begin manufacturing the acclaimed vehicle during the fourth quarter of 2024, then hold a grand opening of the $7.6 billion facility in the new year.
Plans previously called for the company to begin production in 2025, but Hyundai has accelerated the timeline dramatically amid new market pressures.
Electric-vehicles must be assembled in the United States to qualify for any portion of the $7,500 federal tax credit. Hyundai noted in a news release that in June, it has started issuing $7,500 cash rebates to buyers, a cost that it presumably has to absorb until production begins. Customers leasing the EVs can qualify for the credit regardless of where they are made.
The IONIQ 5, however, doesn’t seem to be having problems meeting its goals. Sales are up 43 percent so far this year, with May increase of 82 percent over the same month in 2023.
The Meta Plant will make Hyundai, Kia and Genesis electric vehicles at the new factory, which will also produce some hybrids.
