Hyundai unveils its seven billion investment plan for the US
The auto giant will focus on fuel cell, hydrogen ecosystem, eclectic mobility, UAM and autonomous technology.
Hyundai Motor Group (HMG) to invest US$ 7.4 billion in the US eclectic and smart mobility market by 2025, H2 Bulletin reports.
South Korea’s Hyundai Motor Group (HMG), which includes Hyundai Motor Company and Kia Corporation, plans to improve competitiveness by investing in future mobility technologies such as electrification and hydrogen energy.
It will expand the US hydrogen ecosystem in collaboration with local private and public partners. It will work with the US government and business partners to expand the US hydrogen energy ecosystem, fostering a hydrogen society to create new business opportunities for a sustainable future.
Hyundai and the US Department of Energy agreed in February 2020 to cooperate in hydrogen fuel cell technology innovation and global expansion, covering the installation of a hydrogen refuelling station and providing NEXO SUVs.
Hyundai aims to start a demonstration project later this year to support the commercialisation of fuel cell electric trucks. Furthermore, it will work with local partners to conduct a hydrogen refuelling demonstration project for fuel cell electric trucks and offer logistics between port and inland warehouses by using fuel cell electric trucks. The Korean automakers and Cummins have already agreed to accelerate the deployment of fuel cell electric systems in the US market.
Hyundai and Kia will invest in the EV manufacturing footprint to scale production and offer American-made electric vehicles in the US market next year.
Hyundai will also launch a subsidiary in Washington to spearhead its Urban Air Mobility (UAM), focusing on developing a UAM ecosystem. It will also enhance its capabilities in the robotics field through Boston Dynamics, in which it acquired 80% interest for US$ 1.1 billion last year.
Moreover, in partnership with Aptiv, it has established a JV, Motional, which focus on commercialising driverless technology planning to commercialise robotaxi service in 2023 along with its partner Lyft.
José Muñoz, Hyundai Motor Company’s Global COO, said, “This investment demonstrates our deep commitment to the US market, our dealers and customers.”
Sean Yoon, President and CEO of Kia North America, said, “One key element of Kia’s transformation is transitioning from internal combustion engine to electrification.”
