Hyundai pronounces $7.4B funding in US for EV manufacturing, future mobility

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Hyundai Motor Group, which covers the Hyundai, Genesis and Kia brands, announced on Thursday a $ 7.4 billion investment in the US through 2025.

The majority of the investment consists of adding the production of electric vehicles to HMG’s existing production network in the USA. The first electric vehicle is expected to start production here in 2022.

HMG said the first EV will be manufactured at Hyundai’s Montgomery, Alabama facility, which currently produces Elantra, Sonata, Santa Fe and Tucson. The recently unveiled Santa Cruz pickup is also built at the plant.

Electric vehicles are also expected to be built at Kia’s Westpoint, Georgia plant, but details have yet to be finalized.

HMG announced that plans to continue producing electric vehicles in the US will be finalized in anticipation of commercialization terms and the outcome of government policy to promote electric vehicles. The Biden government announced an infrastructure plan in March that included $ 174 billion in funding for electric vehicles, including potential investments in charging stations and providing consumer discounts on US-built vehicles.

Hyundai announces the Ioniq brand for electric vehicles

Hyundai already offers Kona and Ioniq Electric in the US and will begin selling the recently introduced Ioniq 5 crossover this fall. An Ioniq 6 sedan and an Ioniq 7 large crossover are also planned. Kia is offering the Niro EV here and will bring the recently unveiled EV6 crossover next year.

In addition to electric vehicles, the new investment by HMG also provides funds for expanding the hydrogen infrastructure. Some of this will be used to advance hydrogen refueling and fuel cell propulsion for transport vehicles. Hyundai works closely with truck drivetrain expert Cummins in this area.

Finally, HMG will also invest in new mobility technologies, in particular in self-driving cars and flying taxis.

In the field of self-driving cars, HMG and the automotive supplier Aptiv founded the company Motional self-driving technology in 2020. Motional is currently testing prototypes, primarily in Nevada, and aims to launch its first commercial self-driving taxi service in 2023.

Regarding flying taxis, HMG set up an urban air mobility division in 2019 and predicts that a commercial service will be operational by 2028. With the new investment, HMG will establish an urban air mobility business based in Washington, DC

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