South Korea's Hyundai Motor said on Friday it will break ground this month on a $5.5 billion electric vehicle and battery plant in the US.
Hyundai plans to begin commercial production in the first half of 2025, with an annual capacity of 300,000 units.
The October 25 groundbreaking for the Hyundai Group "metaplant" in Savannah, Georgia, is part of the Hyundai Group’s "commitment of $10bn by 2025 to foster future mobility in the US, including production of EVs," the company said.
The groundbreaking comes amid anger from Korea and the EU over US electric vehicle tax policy.
The Inflation Reduction Act, signed by President Joe Biden in August, requires EVs assembled in North America to qualify for tax credits in the United States, but excluded Hyundai and its affiliate Kia from EV subsidies, as they do not yet make the vehicles there, along with major European automakers.
The law made about 70 per cent of EVs immediately ineligible for the tax credits of up to $7,500 per vehicle.
Mr Biden has expressed willingness to continue talks with South Korea over recent US legislation that denies subsidies to most foreign makers of electric vehicles, South Korea said earlier this month.
He has also repeatedly praised investments by major foreign automakers to build electric vehicles and battery plants in the US, including an announcement on Tuesday by Honda Motor and LG Energy that they would locate a $4.4bn battery plant in Ohio.
Mr Biden gave the assurance in a letter to South Korean President Yoon Suk-yeol, who had asked the US president last month for help to allay Seoul's concerns that the new US rules would hurt South Korea's automakers, Reuters reported.
As a result of the August law, only about 20 EVs qualify for subsidies under the new rules, among them models from Ford Motor and BMW.
Mohammed bin Zayed Majlis
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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AT4 Ultimate, as tested
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Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
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- Mastery of audio-visual content creation.
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The%C2%A0specs%20
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Plastic tipping point
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The biog
Name: Mariam Ketait
Emirate: Dubai
Hobbies: I enjoy travelling, experiencing new things, painting, reading, flying, and the French language
Favourite quote: "Be the change you wish to see" - unknown
Favourite activity: Connecting with different cultures
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