{"id":49908,"date":"2023-05-17T16:29:16","date_gmt":"2023-05-17T20:29:16","guid":{"rendered":"http:\/\/autosector.com\/?p=49908"},"modified":"2023-05-17T16:29:16","modified_gmt":"2023-05-17T20:29:16","slug":"kia-and-hyundai-to-build-evs-in-mexico-for-ira-tax-credit-eligibility","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=49908","title":{"rendered":"Kia and Hyundai to build EVs in Mexico for IRA tax credit eligibility"},"content":{"rendered":"
\n\t\t\"Kia-EVs-tax-credit-Mexico\"<\/p>\n<\/figure>\n

The Governor of New Nuevo Le\u00f3n, Mexico, announced a new (potential billion-dollar) investment from Kia<\/a> to expand its plant in the region and produce two EVs together with Hyundai. The move comes as the two automakers look to ensure EV models qualify for the IRA tax credit.<\/p>\n

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After becoming the third largest automaker<\/a> globally last year, The Hyundai Motor Group, including Kia and Genesis, looks to keep the ball rolling in the new EV era.<\/p>\n

Both Hyundai and Kia brands got off to a hot start by releasing the IONIQ 5<\/a> and EV6<\/a> EV models, based on the auto group\u2019s dedicated E-GMP electric vehicle platform.<\/p>\n

With several new releases from all brands under the Hyundai umbrella, including the IONIQ 6, Kona Electic, Kia EV9, and Genesis GV70, the automaker plans to become a top three global EV producer<\/a> by 2030.<\/p>\n

However, after the Inflation Reduction Act\u2019s<\/a> (IRA) standards set in for new EVs to qualify for the $7,500 tax credit, many Kia and Hyundai models have become ineligible.<\/p>\n

Despite breaking ground<\/a> on its first dedicated EV plant in the US in October, that facility isn\u2019t expected to become operational until 2025.<\/p>\n

With North America being Hyundai\u2019s single largest market, representing over a fifth of sales last year, Hyundai is looking for ways to ensure its EVs will qualify for the tax credit to secure its market.<\/p>\n

\"Kia-EV9-tax-credit\"
2024 EV9 GT-Line (Source: Kia)<\/figcaption><\/figure>\n

Kia, Hyundai to build EVs in Mexico for IRA tax credit<\/h2>\n

The Governor of New Nuevo Le\u00f3n, Mexico, Samuel Garcia, revealed Kia\u2019s plans on his Twitter this week, initially saying<\/a> Kia once again bets on Nuevo Leon with a \u201cbillion dollar investment to expand its plant and produce two Kia car models\u201d later editing out the billion.<\/p>\n

Another retweet from Garcia read, \u201c#Kia announces billion dollar investment to install another plant in #NuevoLeon where it will produce two new electric models in conjunction with Hyundai.\u201d<\/p>\n

A translation of Garcia\u2019s own tweet reads, \u201cMore good news! Nuevo Le\u00f3n consolidates as the ELECTROMOBILITY HUB: KIA once again bets on Nuevo Le\u00f3n with an investment to expand its plant and produce two KIA car models.\u201d<\/p>\n

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\u00a1M\u00e1s buenas noticias! Nuevo Le\u00f3n se consolida como el HUB DE ELECTROMOVILIDAD: KIA vuelve a apostar por Nuevo Le\u00f3n con una inversi\u00f3n para expandir su planta y producir dos modelos de carro KIA. pic.twitter.com\/fH6puAZXss<\/a><\/p>\n

\u2014 Samuel Garc\u00eda (@samuel_garcias) May 16, 2023<\/a><\/p><\/blockquote>\n<\/div>

Samual Garcia Twitter<\/figcaption><\/figure>\n

From Garcia\u2019s post, it could just be an expansion on the automaker\u2019s existing 400,000-vehicle capacity plant in the area, which began operations in 2016.<\/p>\n

According to the images Garcia posted on his account, one of the two electric vehicles could be the new flagship EV9. However, Kia has already said the electric SUV will be built in West Point, Georgia, starting next year as the brand\u2019s first EV assembled in the US.<\/p>\n

With the new planned investment, Garcia says, \u201cWe will be the state that produces the most electric car models: the Tesla model, the KIA model, and the Navistar electric truck.\u201d<\/p>\n

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FTC: We use income earning auto affiliate links.<\/em> More.<\/a><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

The Governor of New Nuevo Le\u00f3n, Mexico, announced a new (potential billion-dollar) investment from Kia to expand its plant in the region and produce two EVs together with Hyundai. The move comes as the two automakers look to ensure EV models qualify for the IRA tax credit. After becoming the third largest automaker globally last […]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-49908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-cars"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/49908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49908"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/49908\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49908"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}