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

2 min read

“This investment demonstrates our deep motivation to the U.S. market, our sellers and prospects,” Hyundai Motor North The usa CEO José Muñoz mentioned in the assertion. “Hyundai will direct the future of mobility in the United States and all around the earth. Our initiatives are evidence-optimistic that Hyundai will continue on to go after excellence in our latest and future merchandise lineup.”

Sean Yoon, CEO of Kia North The usa mentioned in the assertion: “Just one vital element of Kia’s transformation is transitioning from the inner combustion engine to electrification. With our strategic investment in the United States to deliver EV products, we are generating massive strides to direct the EV market but also raise our contribution to the economies in which we do small business.”

Hyundai also mentioned it is performing with community and non-public associates to develop the U.S. hydrogen ecosystem. Later on in 2021, Hyundai mentioned it “will move forward on a demonstration challenge in preparation for commercialization of gas mobile electric powered vans.”

The automaker also mentioned it will go after investments in urban air mobility, robotics and autonomous technologies. Numerous of these initiatives previously have been announced.

Hyundai operates an assembly plant in Montgomery, Ala., in which it generates the Hyundai Elantra, Santa Cruz, Santa Fe, Sonata and Tucson sedans and crossovers. Kia generates the K5/Optima, Sorrento and Telluride motor vehicles in West Stage, Ga.

Political implications

The announcement arrives in advance of U.S. President Joe Biden meets with South Korean President Moon Jae-in in Washington next 7 days in talks that are expected to include North Korea, COVID-19 vaccines and the microchip shortage.

Biden has called for $174 billion in new shelling out to increase EVs and charging. U.S. lawmakers are pushing for tens of billions of bucks in funding to change to EVs and away from gas-driven motor vehicles and build hundreds of countless numbers of charging stations.

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