Money Talks: The Electric Vehicle Revolution Trumps Red State Politics

Oh the irony, it burns. The US state of Georgia falls into the red side of the political spectrum, except when the topic turns to attracting clean tech manufacturers. The latest news comes from Hyundai, which has just announced that its popular Ioniq 5 SUV will be the first electric vehicle to roll off the production line of the company’s new $7.5 billion manufacturing campus in Georgia.

“While the 2025 model of the popular all-electric SUV has yet to be officially unveiled for North America, HMGMA is currently training and preparing to begin production in the fourth quarter of this year,” Hyundai explained. Hyundai is a case in point. “The state of Georgia and local governments are on track to give $2.1 billion in tax breaks and other incentives to Hyundai Motor Group after the South Korean automaker and a partnercalculations show projected incentives will rise by more than $290 million from the $1.8 billion deal originally announced last year. Only $2.75 million of that represents additional cash from the state.

In the latest development on that score, earlier this year the energy storage startup Freyr Battery Inc. announced that it is relocating its home base back to the US from Europe. The company cited “global tax developments andThe redomiciling, as it is called, will also help facilitate the construction of Freyr’s new Giga America factory in Coweta County, Georgia. Freyr announced the site selection in 2022.

“The total package of financial incentives for Giga America includes robust assistance collectively provided by The State of Georgia and Coweta County in addition to the expected production tax credits associated with the recently passed Inflation Reduction Act,” Freyr added.

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