The South Korean automotive manufacturer Hyundai Motor company to invest $7.4 billion in the U.S. by 2025.
Hyundai Motor Group which includes Kia Corporation and Hyundai motor company announced its plans to produce future Electric Vehicles, increase production facilities and further its investments in smart mobility solutions.
The investment will prioritise future mobility technologies, including electrification and hydrogen energy.
The Hyundai Motor Company’s President and Global Chief Operating Officer and Chief Executive Officer of Hyundai Motor North America, José Muñoz, 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.”
The President and Chief Executive Officer of Kia North America, Sean Yoon, said:
“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.”
The automotive company has signed a Memorandum of Understanding with the U.S. Department of Energy in February 2020 to cooperate in hydrogen fuel cell technology innovation and global expansion.
The company has also created the joint venture, Motional, in partnership with the leading U.S. mobility technology firm Aptiv. Which focuses on commercialising driverless technology.
In the state of Nevada, Motional has obtained the industry’s first driverless licence and it also has plans to commercialise robotaxi service in the year 2023 along with its partner Lyft.
Motional and Hyundai motor group will enhance its autonomous driving with Lyft’s robotaxi launch in 2023.
