Hyundai Motor announced plans to invest $7.4 billion in the US by 2025 to produce electric vehicles and further its investments in smart mobility solutions.
The US government aims to replace around 650,000 vehicles in its fleets with electric vehicles made in the country. Hyundai decision to invest in electric vehicle manufacturing in US will give it an opportunity to sell some of its own to the government too.
The group’s Hyundai Motor Co will begin electric vehicle production at a US facility in 2022, while affiliate Kia Corp also plans to build electric vehicles in the United States. Hyundai has a factory in Alabama, while Kia produces cars at a plant in Georgia.
Hyundai said it will work with the US government and business partners to install hydrogen refueling stations and offer its NEXO hydrogen SUVs.
Hyundai is also investing in robotics, urban air mobility and autonomous driving technology.
Comment from CEO
Jose Munoz, CEO of Hyundai Motor North America, “I am excited to make this announcement on behalf of the Hyundai Motor Group. This investment demonstrates our deep commitment to the US market, our dealers and customers.
Hyundai will lead the future of mobility in the United States and around the world. Our efforts are proof positive that Hyundai will continue to pursue excellence in our current and future product line-up.”
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