Hyundai Motor Group, South Korea’s second-leading
conglomerate, revealed its plan to invest $7.4 billion in the United States by
2025. It will produce electric vehicles (EVs), upgrade production facilities
and increase investments in smart mobility solutions. While the investment
breakdown is not available, it would primarily be for Hyundai and its
Hyundai Motor intends to start EV production at
its factory in Alabama while Kia will build EVs at its plant in Georgia.
This move from Hyundai comes just before the
scheduled meeting between Joe Biden, the US President, and Moon Jae-in, South
Korean President in Washington next week. They are expected to discuss topics
such as COVID-19, North Korea etc.
The move also falls in line with Biden’s plan to spend $174 billion on boosting EVs and
The announcement comes at a time when SK
Innovation, the major electric battery supplier for Hyundai, progressed with
the construction of factories for Volkswagen and Ford.
Source: The Washington Post
Image Source: Hyundai