Hyundai Motor Group announced today that it will invest $7.4 billion in American manufacturing over the next four years.
The investment is intended to expand its manufacturing footprint in the U.S. Specifically, it will help supply Hyundai and Kia’s electric ambitions. The company plans to use the money to produce a suite of electric vehicles for the US market.
“One key element of Kia’s transformation is transitioning from internal combustion engine to electrification,” says Sean Yoon, President and CEO of Kia North America. “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.”
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The automakers also plan to partner with local governments and businesses to expand America’s hydrogen infrastructure. Already, the Hyundai Motor Group has signed a memorandum of understanding with the U.S. Department of Energy to cooperate on fuel cell technology innovation and expansion. That included the installation of hydrogen refilling stations for the NEXO.
The automaker is planning a demonstration of fuel cell electric commercial trucks. The plan is to use the fuel-cell electric trucks to replace diesel trucks for logistics between ports and inland warehouses.
Hyundai previously announced plans to buy a controlling share of robotics company Boston Dynamics and has created a joint venture with Motional, an American autonomous driving company. It plans on having commercial robotaxis on the roads by 2023.
“This investment demonstrates our deep commitment to the U.S. market, our dealers and customers,” said Jose Munoz, Hyundai Motor Company’s chief operating officer. “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.”
Hyundai currently operates a factory in Alabama.
