Hyundai Motor Group to capitalize $7.4 billion in the U.S EV industry by 2025
Hyundai Motor Group (HMG), including Hyundai Motor Company and Kia Corporation, has announced its plan to capitalize $7.4 billion in the U.S. by 2025 to manufacture future EVs, boost production facilities, and further its investments in smart mobility solutions. The group's investment will augment overall product competitiveness by prioritizing future mobility technologies, comprising electrification and hydrogen energy.
The Seoul-headquartered global automotive manufacturer will capitalize on growing its EV manufacturing footprint to scale production and gratify U.S. market demands, as well as monitor the market conditions and U.S. government EV policy to finalize its plan to enhance its U.S. production facilities and progressively expand its local EV production. Hyundai Motor will offer a set of American-made electric vehicles to U.S. consumers beginning next year.
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 our 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."
HMG also states that it is dedicated to nurturing a hydrogen society to create new business opportunities for a sustainable future, and will expand the U.S. hydrogen ecosystem in collaboration with local private and public partners. The group signed an MOU with the U.S. Department of Energy in February 2020 to collaborate in hydrogen fuel cell technology innovation and global expansion. This comprised the installation of a hydrogen refueling station and providing NEXO SUVs.
In addition, Hyundai Motor Group has formed the joint venture, Motional, in corporation with the leading U.S. mobility technology firm Aptiv. Focused on commercializing driverless technology, Motional has obtained the industry's first driverless license in the state of Nevada and plans to commercialize robotaxi service in 2023 along with its partner Lyft. Motional has started testing Hyundai's all-electric IONIQ 5 equipped with advanced autonomous driving technology on public roads. Together, the Hyundai Motor Group and Motional will enhance their autonomous driving technology in preparation for Lyft's robotaxi launch in 2023.