Hyundai plans to invest $7.4B in the US by 2025 to make electric vehicles
By Canadian Manufacturing
Hyundai plans to invest $7.4 billion in the U.S. by 2025 to make electric vehicles, enhance production facilities and invest further in smart mobility solutions.
Hyundai Motor Group, which includes Hyundai Motor Co. and Kia Corp., said on May 13 that Hyundai and Kia will invest in growing its electronic manufacturing footprint to scale production and satisfy U.S. market demands. Hyundai Motor will offer a variety of American-made electric vehicles to U.S. consumers starting next year.
Hyundai Motor Group will create a subsidiary in Washington D.C. to spearhead its urban air mobility businesses. In addition, Hyundai and its partner Aptiv will use their joint venture, Motional, to commercialize driverless technology. Motional received a driverless license in Nevada and plans to commercialize robotaxi service there in 2023 along with its partner Lyft.
Motional has started testing Hyundai’s all-electric IONIQ 5 equipped with advanced autonomous driving technology on public roads.