Hyundai to invest $300 mn in US plant for eco-friendly cars
By siliconindia | Wednesday, 13 April 2022, 12:43 Hrs
Hyundai Motor said on Wednesday it will invest 370 billion won ($300 million) in its US plant to begin the production of environment-friendly vehicles there later this year.
Hyundai Motor will upgrade the existing assembly lines of its Alabama plant for the production of the Santa Fe gasoline hybrid model and the all-electric Genesis GV70 sport utility vehicle in October and December, respectively, the company said in a statement.
"Hyundai is taking its first steps toward bringing EV production to the United States. We are excited to showcase our team members in producing EVs here in Alabama," said Ernie Kim, president and CEO of Hyundai Motor Manufacturing Alabama.
Hyundai Motor's new growth plans in Montgomery will help prepare the state's auto industry for the EV revolution while also aligning with its strategic initiatives, such as Drive Electric Alabama, the Alabama state Governor Kay Ivey said, reports Yonhap news agency.
The latest US investment plan is part of Hyundai's broad plan to invest $7.4 billion in its US plants and markets by 2025.
The group, which has Hyundai and Kia as major affiliates, aims to launch seven electric models in the US, the world's most important automobile market, this year.
Hyundai Motor's US sales from January to March fell 2.3 percent to 171,399 vehicles from a year earlier amid global chip shortages.
The carmaker produces the Elantra compact, the Tucson, Santa Fe and Santa Cruz SUVs in the Alabama plant.
It has seven domestic plants and 11 overseas plants -- four in China and one each in the United States, the Czech Republic, Turkey, Russia, India, Brazil and Indonesia. Their combined capacity reaches 5.65 million vehicles.