Hyundai Motor To Invest $7.4 Bln In U.S. By 2025

Hyundai Motor Group said it plans to invest $7.4 billion in the U.S. by 2025 to produce future electric vehicles, enhance production facilities and further its investments in smart mobility solutions. The company's U.S. facility will begin EV production in 2022. The Group will also further invest in robotics, urban air mobility or UAM and autonomous driving technology to ensure future competitiveness.

Hyundai Motor Group, which includes Hyundai Motor Company and Kia Corp., said it will invest in EV manufacturing footprint to scale production and satisfy U.S. market demands. Hyundai Motor will offer a suite of American-made electric vehicles to U.S. consumers starting next year.

Hyundai Motor Group said it plans to working with the U.S. government and other business partners to expand the U.S. hydrogen energy ecosystem.

Later this year, Hyundai will proceed on demonstration project in preparation for commercialization of fuel cell electric trucks. Hyundai Motor will also work with local partners to conduct a hydrogen refueling demonstration project for fuel cell electric truck.

Hyundai Motor Group noted that it will launch a subsidiary in Washington, D.C. to spearhead the Group's UAM businesses. The subsidiary will focus on creating an UAM ecosystem and revolutionizing the mobility experience.

The Group also will establish its presence in the robotics field through Boston Dynamics. The Group said last year that it agreed to acquire a controlling 80 percent interest in Boston Dynamics in a deal that values the mobile robot firm at $1.1 billion.

In addition, Hyundai Motor Group has created the joint venture, Motional, in partnership with the leading U.S. mobility technology firm Aptiv. Motional has obtained driverless license in the state of Nevada and plans to commercialize robotaxi service in 2023 along with its partner Lyft. Motional has started testing Hyundai's all-electric IONIQ 5 equipped with advanced autonomous driving technology on public roads.

The Hyundai Motor Group and Motional will enhance its autonomous driving technology in preparation for Lyft's robotaxi launch in 2023.

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