Hyundai, the South Korean automaker, announced that it will start electric Vehicle production in the U.S. by 2022; to achieve that, announced a $7,2 billion investment in the country, for the next four years, to upgrade production facilities.
Firstly, the news broke on Thursday, just few days before president Joe Biden meets with South Korean president Moon Jae-in in Washington next week. The meeting will include talks about vaccine rollout in North Korea, and other topics, as reported by specialized media.
Secondly, president Biden, in regards to electric vehicle advancement, has approved a spending budget of $174 billion to boost EV adoption, and a broad charging stations network.
Thirdly, as said above, Hyundai will begin EV production in the U.S. by 2022; along with affiliate KIA. Hyundai’s facility is located in Alabama; while KIA will produce its vehicles in the Georgia plant.
Moreover, according to a statement by the company for Reuters, the investment figure would to upgrading and expanding those plants; however, just before the company finishes assessing the U.S. market conditions; as well as the new policy regarding EV’s.
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Hyundai to leverage from battery supplier U.S. expansion
Although the company did not provide financial details on the investment details; it did said that most of the investment would go precisely to Hyundai and KIA. The company also said it will work with the U.S. government and business partners to install hydrogen refueling stations and offer its NEXO hydrogen SUVs.
In addition, Hyundai’s major electric battery supplier, SK Innovation, will begin construction of new U.S. factories for Volkswagen and Ford; consequently, expanding its market also in the U.S.
Furthermore, further investment from the company will include robotics, urban air mobility and autonomous driving technologies.
Finally, in the U.S. there are big plans for electric vehicles. Just back in March, American Electric Power (AEP) and five other major utilities today announced a plan to create an electric vehicle fast-charger electric highway coalition. Accordingly, those companies are looking to connect major highway systems from the Atlantic Coast; through the Midwest and South, and into the Gulf and Central Plains. Click here to read more.