Published on May 16th, 2021 | by Daniel Sherman Fernandez0
Hyundai Motor Group to Invest USD7.4 Billion In EV’s By 2025
Hyundai and Kia to build American-made battery electric vehicles.
With the many ‘electric vehicles only for sale’ rulings coming into place around the world, car manufacturers and even smartphone and technology companies around the world are rushing to produce battery powered vehicles.
Some countries, like the car crazy United Kingdom has moved their petrol and diesel car sale ban twice in just a few short months. From an earlier set date of 2040 to 2035 and then recently a confirmed 2030 date was set. Good news is that hybrid vehicles will still be allowed until 2035.
Recently even Honda Motor in April this year made a statement saying they will only sell sell electric powered vehicles (EV) by 2040. Smartphone manufacturer, XIAOMI announced their intention to enter the EV manufacturing business in March this year.
Even the premium performance car manufacturers are leaning towards EV’s. Fisker announced just a week ago that there were teaming up with Foxconn to produce a mass-market EV’s in America which include plans for the establishment of a U.S-based production plant that is targeted to be operational by 2023.
So this is why combustion engine manufacturers are now scrambling to re-invent themselves to cater to this changing market requests.
Press Release: 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.
HMG’s investment will enhance overall product competitiveness by prioritizing future mobility technologies, including electrification and hydrogen energy.
José Muñoz, Hyundai Motor Company’s Global Chief Operating Officer and President and CEO of Hyundai Motor North America said, “I am excited to make this announcement on behalf of the Hyundai Motor Group. This investment demonstrates our deep commitment to the U.S. market, our dealers and customers. 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.”
Sean Yoon, President and CEO of Kia North America added, “One key element of Kia’s transformation is transitioning from internal combustion engine to electrification. 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.”
Hyundai and Kia will invest in growing its EV manufacturing footprint to scale production and satisfy U.S. market demands. Hyundai Motor 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.
Hyundai Motor Group will expand the U.S. hydrogen ecosystem in collaboration with local private and public partners
Hyundai Motor Group looks forward to working with the U.S. government and other business partners to expand the U.S. hydrogen energy ecosystem. The Group is committed to fostering a hydrogen society to create new business opportunities for a sustainable future.
Hyundai Motor Group signed an MOU with the U.S. Department of Energy in February 2020 to cooperate in hydrogen fuel cell technology innovation and global expansion. This included the installation of a hydrogen refueling station and providing NEXO SUVs.
Later this year, Hyundai will proceed on demonstration project in preparation for commercialization of fuel cell electric trucks. Hyundai Motor will also work with local partners to conduct a hydrogen refueling demonstration project for fuel cell electric trucks. and provide logistics between port and inland warehouses by utilizing fuel cell electric trucks.
Hyundai have previously made an agreement with Cummins Inc., an U.S. based company which specializes in advanced powertrain, to accelerate deployment of fuel cell electric systems in the U.S. market.