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Hyundai Motor Group To Invest $7.4 Billion In U.S. EV Industry By 2025

Hyundai Motor Group To Invest $7.4 Billion In U.S. EV Indust

(Photo Credit: Drive)

Hyundai Motor Group has announced its plan to invest $7.4 billion in U.S. by 2025 to produce Future EV’s enhance production facilities and further its investments in smart mobility solutions.

In a press release on Thursday, Hyundai Motor Group (HMG), comprising Hyundai Motor Company and Kia Corporation, said that the group’s investment will enhance overall product competitiveness by prioritising future mobility technologies, including electrification and hydrogen energy.

The Seoul-head quartered global automotive manufacturer will offer a suite of American-made electric vehicles to U.S. consumers starting next year. Hyundai Motor will invest in growing its EV manufacturing footprint to scale production and satisfy U.S. market demands, as well as monitor the market conditions and U.S. government EV policy to finalise its plan to enhance its U.S. production facilities and gradually expand its local EV production.

José Muñoz, Hyundai Motor Company’s Global Chief Operating Officer and President and CEO of Hyundai Motor North America, said that the investment will enable Hyundai to lead the future of mobility in the United States and around the world as he expressed his excitement.

“I am excited to make this announcement on behalf of the Hyundai Motor Group. 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.”

HMG also states that it is committed to fostering a hydrogen society to create new business opportunities for a sustainable future, and will expand the U.S. hydrogen ecosystem in collaboration with local private and public partners. The group signed an MOU with the U.S. Department of Energy in February 2020 to cooperate in hydrogen fuel cell technology innovation and global expansion. This included the installation of a hydrogen refuelling station and providing NEXO SUVs.

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