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Friday, 14 May 2021 18:12

Hyundai to Invest $7.4B in the U.S. by 2025 with a Focus on EVs

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Hyundai Motor Group (HMG), which includes Hyundai Motor Company and Kia Corporation, on May 13 announced its plan to invest $7.4 billion in the U.S. by 2025 to produce future EVs, enhance production facilities and further its investments in smart mobility solutions.

HMG's investment will enhance overall product competitiveness by prioritizing future mobility technologies, including electrification and hydrogen energy.

 

"I am excited to make this announcement on behalf of the Hyundai Motor Group," said José Muñoz, Hyundai Motor Company's global COO and president and CEO of Hyundai Motor North America. "This investment demonstrates our deep commitment to the U.S. 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."

 

"One key element of Kia's transformation is transitioning from internal combustion engine to electrification," said Sean Yoon, president and CEO of Kia North America. "With our strategic investment in the United States to produce EV models, we are making huge strides to lead the EV market but also increase our contribution to the economies where we do business."

 

Hyundai and Kia will invest in growing its EV manufacturing footprint to scale production and satisfy U.S. market demands. HMG will offer a suite of American-made electric vehicles to U.S. consumers starting next year.

 

Hyundai and Kia will monitor the market conditions and U.S. government EV policy to finalize its plan to enhance its U.S. production facilities and gradually expand its local EV production.

 

HMG looks forward to working with the U.S. government and other business partners to expand the U.S. hydrogen energy ecosystem. The group is committed to fostering a hydrogen society to create new business opportunities for a sustainable future.

 

HMG signed an MOU with the U.S. Department of Energy in February 2020 to...


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