The popular Hyundai Motor Group, which reportedly owns both the Hyundai as well as the Kia car brands, has just announced that it will be building electric vehicles in the United States. The move will be a part of a whopping $7.4 billion investment and will also cover certain hydrogen refueling stations as well as unmanned flying taxis.
Hyundai United States Investment
The investment will reportedly be made some time throughout 2025. Hyundai reportedly revealved in their statement their plans but still did not really clarify how much money would go to which factory. Hyundai has confirmed that the electric vehicles will reportedly be constructed at the company's assembly plant in Montgomery, Alabama. Kia, as of the moment, has a factory located in West Point, Georgia.
According to Bloomberg, Michele Tinson, an official US-based spokesperson for the company, noted that they are now going to review their options. This also includes the expansion of their own production facility once they have taken a much closer look at the market conditions as well as the United States government's policy when it comes to electric vehicles.
United States Allocates $174 Billion to Clean Energy
Tinson then noted that the main focus of the company for both of its brands is to make sure to bring out a stable EV supply chain in order to be able to meet the United States demand. The proposed infrastructure bill currently allocates a whopping $174 billion for new charging stations, planned customer rebates for buying American-made EVs, and even a pledge to help electrify the whole government's fleet.
Automakers are now betting that they could help accelerate the whole consumer shift to the current plug-in electric vehicles, which has reportedly made up just a small 1.8% of new-car sales in the United States last year. Both Hyundai and Kia have reportedly been notching sales records in the United States along with SUVs just like the Hyundai Santa Fe and the Kia Telluride.
Hyundai Plans for EVs in the United States
Hyundai's very own assembly plant over in Alabama is reportedly capable of making a whopping 400,000 vehicles every year. This was according to the statement of Jose Munoz, the Chief Operating Officer some time this year.
Hyundai, as of the moment, already sells the known battery-powered Kona as well as the Ioniq in the United States. It is also bringing a brand new EV known as the Ioniq 5, to the United States some time this fall, according to CarBuzz. Kia, which now sells the Niro EV in the United States, is also scheduled to bring the EV6 some time next year.
The popular Korean conglomerate will reportedly also invest in a certain refueling demonstration in order to promote the use of hydrogen-fuel-cell trucks. The company is also reportedly going to set up a brand new subsidiary in Washington D.C. that is going to be dedicated to urban air mobility.
This article is owned by Tech Times
Written by Urian B.