Hyundai Motor Group (HMG), which includes Hyundai Motor Company and Kia Corporation, 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, the release said.
José Muñoz, Hyundai Motor Company’s Global Chief Operating Officer and President and CEO of Hyundai Motor North America said, “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.”
Sean Yoon, President and CEO of Kia North America added, “One key element of Kia’s transformation is transitioning from internal combustion engine to electrification. 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. Hyundai Motor 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.
Hyundai Motor Group will expand the U.S. hydrogen ecosystem in collaboration with local private and public partners
Hyundai Motor Group 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.
Hyundai Motor 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 refueling station and providing NEXO SUVs.
Later this year, Hyundai will proceed on demonstration project in preparation for commercialization of fuel cell electric trucks. Hyundai Motor will also work with local partners to conduct a hydrogen refueling demonstration project for fuel cell electric trucks. and provide logistics between port and inland warehouses by utilizing fuel cell electric trucks.
Hyundai have previously made an agreement with Cummins Inc., an U.S. based company which specializes in advanced powertrain, to accelerate deployment of fuel cell electric systems in the U.S. market.
HMG to invest in Urban Air Mobility (UAM), robotics and autonomous technologies
Hyundai Motor Group will launch a subsidiary in Washington, D.C. to spearhead the Group’s UAM businesses. The subsidiary will focus on creating an UAM ecosystem and revolutionizing the mobility experience.
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