Electric Vehicle Investment In The United States, Hyundai Invests USD 7.4 Billion
JAKARTA - South Korean automaker Hyundai Motor Group has announced an investment plan of 8.1 trillion won, or about 7.4 billion U.S. dollars in China by 2025.
The investment is planned to be used to produce electric vehicles, improve production facilities, and increase its presence in the competition for mobility solutions in the region.
Hyundai plans to begin producing electric vehicles at its plant in Alabama, United States starting next year. While its affiliate, Kia, plans to launch electric vehicles at its plant in Georgia, also in the United States.
Hyundai and Kia will finalize their plans to upgrade their United States plants and expand their local EV production depending on market conditions and U.S. government EV policy, Hyundai Motor America said.
"Hyundai will lead the future of mobility in the United States and around the world. Our efforts are positive evidence that Hyundai will continue to pursue excellence in our current and future product range," Hyundai Motor North America President and CEO Jose Munoz said in a statement, referring to Koreatimes, Friday, May 14.
"One of the key elements of Kia's transformation is the transition from internal combustion engines to electrification," said Kia North America President Sean Yoon. There are no investment details yet of the automotive giant's plans.
The announcement of Hyundai's planned investai, coincidentally close to the planned meeting of South Korean President Moon Jae-in with United States President Joe Biden in Washington, UNITED STATES next week.
Hyundai Motor Group expects the investment to improve its competitiveness by prioritizing future mobility technologies, including electrification and hydrogen energy.
In addition, the automaker also said it would work with the United States Government and business partners, to expand the United States hydrogen energy ecosystem and offer NEXO hydrogen fuel cell electric vehicles.
To be aware, Hyundai Motor Group also said it will invest in robotics and autonomous driving technology to strengthen its presence in the world's most important car market.