Hyundai Motor to invest 8.1 trillion won for EV production in US by 2025
Hyundai Motor Group will invest 8.1 trillion won in the US by 2025 to produce electric vehicles, improve production facilities, and increase its presence in the smart mobility solutions area.
South Korea's top automaker, Hyundai Motor Co., plans to produce EVs in its Alabama plant starting next year while its affiliate Kia Corp. plans to roll out EVs in its Georgia plant.
Hyundai and Kia will finalize their plan depending on the market conditions and US government EV policy, it said.
The South Korean automotive group, which didn't provide the investment breakdown, expects to enhance its competitiveness by prioritizing future mobility technologies, including electrification and hydrogen energy.
The automaking group will also work with the U.S. government and business partners in expanding the US hydrogen energy ecosystem and offer its NEXO hydrogen fuel cell electric vehicles.
Investments will also be made in robotics and autonomous driving technologies.