Hyundai Motor Group, parent to Hyundai Motor Co. and Kia Corp., says it will invest $7.4 billion in the U.S. by 2025 to produce future electric vehicles, enhance production facilities and further its investments in smart mobility solutions.
“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,” said José Muñoz, Hyundai Motor Co.’s global chief operating officer and president and CEO of Hyundai Motor North America.
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 plans to begin EV production in 2022 at its U.S. facility. Hyundai Motor Manufacturing Alabama is Hyundai’s only manufacturing plant in the U.S., although it also has a research and development center in Michigan, and a design facility and a proving ground center in California.
Kia’s only manufacturing facility in the U.S. is in West Point, Georgia, where it currently manufactures three models.
In addition to EV production, Hyundai Motor Group has signed a memorandum of understanding with the U.S. Department of Energy to cooperate in hydrogen fuel cell technology innovation and global expansion. This included the installation of a hydrogen refueling station and providing NEXO SUVs.
Hyundai also previously made an agreement with Cummins Inc., a U.S.-based company specializing in advanced powertrains, to accelerate deployment of fuel-cell electric systems in the U.S. market.