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Hyundai Motor Group to invest $7.4B in US by 2025 for EVs, smart mobility, enhanced production

Hyundai Motor Group (HMG), which includes Hyundai Motor Company and Kia Corporation, plans to invest $7.4 billion in the US 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.

Hyundai and Kia will invest in growing its EV manufacturing footprint to scale production and satisfy US market demands. Hyundai Motor will offer a suite of American-made electric vehicles to US consumers starting next year.

Hyundai and Kia will monitor the market conditions and US government EV policy to finalize its plan to enhance its US production facilities and gradually expand its local EV production.

Hyundai Motor Group looks forward to working with the US government and other business partners to expand the US hydrogen energy ecosystem. Hyundai Motor Group signed an MOU with the US 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 has previously made an agreement with Cummins to accelerate deployment of fuel cell electric systems in the US market.

Urban Air Mobility (UAM), robotics and autonomous technologies. Hyundai Motor Group will launch a subsidiary in Washington, DC to spearhead the Group’s UAM businesses. The subsidiary will focus on creating an UAM ecosystem and revolutionizing the mobility experience.

The Group also will firmly establish its presence in the robotics field through Boston Dynamics. The Group announced last year that it agreed to acquire a controlling 80% interest in Boston Dynamics in a deal that values the mobile robot firm at $1.1 billion.

In addition, Hyundai Motor Group has created the joint venture, Motional, in partnership with the leading US 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 its autonomous driving technology in preparation for Lyft’s robotaxi launch in 2023.


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