Hyundai Motor Group has announced a $7.4 billion investment into its U.S. production footprint. The investment will enable the automaker to produce new EV models in the U.S. under its Hyundai, Genesis and Kia brands.
Hyundai says the investment will run from this year through 2025, with the majority going towards its existing U.S. assembly plants. The first U.S.-built EV from the company will arrive in 2022. Although Hyundai has not disclosed specifics, the company says its Montgomery, Alabama plant will be the first to be prepped for EV production.
Electric vehicles are also bound for Kia’s Westpoint, Georgia plant.
Hyundai admits its EV plans are still not fully baked. This is largely because the automaker is waiting to see what the U.S. government’s EV policy ends up being. If there is a significant EV incentive as part of an infrastructure plan, for example, that may modify Hyundai’s EV plans for the U.S.
In addition to EV production, Hyundai is earmarking some of its $7.4 billion for hydrogen. The company says it will work with partners to invest in hydrogen fuel infrastructure and hauling.
Lastly, some of the funds will support Hyundai’s efforts around new mobility technologies. These dollars will help the company’s ongoing investments into self-driving cars and flying taxis. Hyundai has ongoing partnerships in both areas, with plans to have a self-driving taxi on the market by 2023 and a flying taxi commercially available by 2028.