Hyundai invests more than 7 billion USD to develop electric vehicles

Recently, Hyundai Motor Group announced that it will invest $7.4 billion in manufacturing in the US over the next four years.
This investment includes the expansion of the company’s production line in the US. In particular, it will help Kia and Hyundai’s electric car ambitions become more certain. The company plans to use the budget to produce a line of electric vehicles for the US market.

“A key element in Kia’s transition has been the transition from internal combustion engines to electric motors,” said President and CEO, Kia North America. With our strategic investment in the United States to produce electric vehicles, we are not only taking great strides toward leading the electric vehicle market, but also increasing our economic contribution to the countries in which we do business.” Illustration. The manufacturers also plan to work with local governments and businesses to expand hydrogen infrastructure in the US. Currently, Hyundai Group has signed a memorandum of understanding with the US Department of Energy to cooperate on the expansion and innovation of fuel cell technology. This includes the installation of hydrogen pumping stations for NEXO. Automaker Hyundai is planning to introduce an electric fuel cell commercial truck. The plan is to use these vehicles to replace diesel trucks for logistics services between seaports and warehouses. Earlier, Hyundai announced plans to buy a controlling stake in robotics company Boston Dynamics and has formed a joint venture with Motional, an American autonomous vehicle company. The company has plans for commercial use of the robot on the streets by 2023. “This investment demonstrates our strong commitment to the US market, our dealers and customers. Hyundai will lead the future of the auto industry in the US and around the world. Our efforts are positive proof that Hyundai will continue to pursue excellence in its current and future product lines,” said Jose Munoz, CEO of Hyundai Group. . Hyundai currently operates a plant in Alabama.