Hyundai Announces Multi-Billion Dollar Investment In The US

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Hyundai and Kia will build future EVs in the US.

At the end of May, Hyundai will introduce the Ioniq 5 to the US. Slated to arrive later in 2021, Hyundai's first dedicated electric vehicle will sport up to a 300-mile driving range with 301 horsepower and 446 lb-ft of torque available in the all-wheel-drive model. The Hyundai Motor Group will release more EVs after the Ioniq 5, including the mechanically similar Kia EV6. To prove its commitment to sustainability, HGM will invest $7.4 billion to build EVs in the United States.

Hyundai and Kia will each produce American-made battery electric vehicles, with production starting in 2022. The company says, "output will be implemented in line with market conditions and local EV policy." In addition to EVs, HMG wants to advance the hydrogen ecosystem in the US. The Hyundai Nexo is one of only two hydrogen fuel cell vehicles currently on sale here.

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"I am excited to make this announcement on behalf of the Hyundai Motor Group. This investment demonstrates our deep commitment to the US market, our dealers, and customers," says Hyundai Motor Company's Global Chief Operating Officer and President, Jose Munoz. "Hyundai will lead the future of mobility in the United States and around the world. Our efforts are proof positive that Hyundai will continue to pursue excellence in our current and future product line-up."

President and CEO of Kia North America Sean Yoon added that: "One key element of Kia's transformation is transitioning from internal combustion engine to electrification. With our strategic investment in the United States to produce EV models, we are making huge strides to lead the EV market but also increase our contribution to the economies where we do business."

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This announcement didn't specify where HMG plans to build these new EVs. Hyundai currently produces cars in Montgomery, Alabama, while Kia builds several models in West Point, Georgia. It's unclear which EV Kia will build in the US, but signs point to Hyundai building the upcoming Ioniq 6 sedan here. Styling-wise, the Ioniq 6 should bear resemblance to the stunning Hyundai Prophecy Concept using the same E-GMP (Electronic Global Modular Platform) found on the Ioniq 5 and EV6.

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