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Higher investment means Hyundai could get $2.1 billion in aid to make electric cars in Georgia

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Georgia will give Hyundai Motor Group a projected $2.1 billion in tax breaks and other incentives to build electric cars and batteries in the state.

The Hyundai package has already been described as the largest subsidy package a U.S. state has ever promised a single automotive plant. That's according to Good Jobs First, a group skeptical of subsidies to private companies.

The state projects it will waive an additional $81.8 million in sales taxes on construction materials and machinery, bringing Hyundai's savings from those exemptions to more than $478 million. The state will spend an additional $2.75 million to help fund construction, machinery and equipment, boosting that total to nearly $53 million.

 

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Higher investment means Hyundai could get $2.1 billion in aid to make electric cars in GeorgiaGeorgia will give Hyundai Motor Group a projected $2.1 billion in tax breaks and other incentives to build electric cars and batteries in the state.
Source: AP - 🏆 728. / 51 Read more »