Hyundai, Kia plan to spend $7.4 billion in U.S. to make future EVs, expand hydrogen, mobility efforts

“This investment demonstrates our deep motivation to the U.S. market, our sellers and buyers,” Hyundai Motor North The us CEO José Muñoz explained in the assertion. “Hyundai will guide the long term of mobility in the United States and all over the planet. Our efforts are proof-favourable that Hyundai will proceed to pursue excellence in our existing and long term solution lineup.”

Sean Yoon, CEO of Kia North The us explained in the assertion: “One crucial aspect of Kia’s transformation is transitioning from the interior combustion engine to electrification. With our strategic investment in the United States to deliver EV designs, we are generating large strides to guide the EV market but also enhance our contribution to the economies where by we do business enterprise.”

Hyundai also explained it is doing work with community and personal partners to develop the U.S. hydrogen ecosystem. Afterwards in 2021, Hyundai explained it “will proceed on a demonstration job in preparation for commercialization of gas mobile electric powered vans.”

The automaker also explained it will pursue investments in city air mobility, robotics and autonomous systems. Many of those efforts presently have been introduced.

Hyundai operates an assembly plant in Montgomery, Ala., where by it produces the Hyundai Elantra, Santa Cruz, Santa Fe, Sonata and Tucson sedans and crossovers. Kia produces the K5/Optima, Sorrento and Telluride autos in West Point, Ga.

Political implications

The announcement will come before U.S. President Joe Biden satisfies with South Korean President Moon Jae-in in Washington up coming 7 days in talks that are envisioned to cover North Korea, COVID-19 vaccines and the microchip scarcity.

Biden has identified as for $174 billion in new spending to increase EVs and charging. U.S. lawmakers are pushing for tens of billions of bucks in funding to shift to EVs and absent from gas-run autos and establish hundreds of countless numbers of charging stations.