Hyundai, Kia to invest $7.4 billion in U.S. to produce future EVs

Hyundai and Kia will invest in growing its EV manufacturing footprint to scale production and satisfy U.S. market demands.

Hyundai Motor Group (HMG), which includes Hyundai Motor Company and Kia Corporation, announced its plan to invest $7.4 billion in the U.S. by 2025 to produce future EVs, enhance production facilities and further its investments in smart mobility solutions. Hyundai Motor’s investment will enhance overall product competitiveness by prioritizing future mobility technologies, including electrification and hydrogen energy. The South Korean carmakers will invest in growing its EV manufacturing footprint to scale production and satisfy U.S. market demands. Hyundai will offer a suite of American-made electric vehicles to U.S. consumers starting next year. Hyundai and Kia will monitor the market conditions and U.S. government EV policy to finalize its plan to enhance its U.S. production facilities and gradually expand its local EV production. The company looks to expand the U.S. hydrogen energy ecosystem, and is committed to fostering a hydrogen society to create new business opportunities for a sustainable future. The automaker signed an MOU with the U.S. Department of Energy in February 2020 to cooperate in hydrogen fuel cell technology innovation and global expansion, which includes the installation of hydrogen refueling stations and providing Hyundai Nexo Electric SUVs. Later this year, Hyundai will proceed on a demonstration project in preparation for the commercialization of fuel cell electric trucks, and will also work with local partners to conduct a hydrogen refueling demonstration project for fuel cell electric trucks. The company will provide logistics between ports and inland warehouses by utilizing fuel-cell electric trucks.