South Korea’s Hyundai Motor and its Kia affiliate said they plan to invest $7.4 billion in the U.S. by 2025 to produce electric vehicles, enhance production facilities and develop smart mobility technologies.
A statement released Thursday by parent Hyundai Motor Group did not name specific U.S. facilities slated to get those investments.
Hyundai and Kia said they will monitor market conditions “and U.S. government EV policy” to finalize their plans for U.S. production facilities and gradually expand local EV production.
“This investment demonstrates our deep commitment to the U.S. market, our dealers and customers,” Hyundai Motor North America CEO José Muñoz said in the statement. “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 lineup.”
Sean Yoon, CEO of Kia North America said in the statement: “One key element of Kia’s transformation is transitioning from the 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 also said it is working with public and private partners to expand the U.S. hydrogen ecosystem. Later in 2021, Hyundai said it “will proceed on a demonstration project in preparation for commercialization of fuel cell electric trucks.”
The automaker also said it will pursue investments in urban air mobility, robotics and autonomous technologies.
