Hyundai’s Billion-dollar Investment to Manufacture EVs in the US

Hyundai’s Billion-dollar Investment to Manufacture EVs in the US

Recently, Hyundai has announced the $7.4 Billion-dollar investment in Electric vehicles in five years. The agenda for the manufacturing of EVs is enticing as it sounds. The United States public can have access to advanced technology with premium features at an affordable pricing structure. 

The investment covers high-end technology, hydrogen power, and other robot technologies. Hyundai and its subsidiary KIA will build EV from their $7.4 Billion investment that will cover the production of hydrogen refueling stations. The production will take place in the Montgomery Alabama based plant of Hyundai and KIA. Hyundai Elantra, Sonata, Tucson, & Santa Fe models.

Hyundai will initiate the production of the Prophecy concept-based sedan along with an all-new electric Genesis GV70 luxury crossover. The production of the crossover will take place in the United States. Biden’s plan of manufacturing EV will receive a helping hand from GM offering $100 billion as rebates on EVs produced in North America.

Biden allocated the budget to build the charging infrastructure for EV. Automakers have pledged to become part of something fruitful and in coming years manufacture EVs over gasoline vehicles. 

Hyundai was the first one to bring hydrogen fuel cell vehicles into action and has plans to proceed further with the same. The plans include developing a hydrogen-powered fuel system. Apart from building EVs, the investment goes into developing high-end technology such as urban air mobility programs and flying taxis. The investment will go in buying the stakes of robot dog by Boston Dynamics. 

Like Tesla, Hyundai will step in to develop its autonomous driving technology and focus on launching a Robo taxi by 2023. The production of EVs to other technology will take place in America solely at dealerships like Brookshire Hyundai.

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