The Hyundai Motor Group (HMG) which includes Hyundai and Kia brands, has announced its plans to invest $7.4 billion in the U.S. by 2025 to locally produce battery electric vehicles (BEVs) and upgrade its production facilities. The company said that it’ll offer “a suite of American-made electric vehicles to U.S. consumers starting next year”. However, Hyundai will monitor the market conditions and U.S. government EV policies to finalize its investment plans.
Hyundai is also planning to demo its fuel cell electric trucks later this year as a preparation for a commercial launch. For the uninitiated, yes, Hyundai produces trucks too. Last year, Xcient heavy-duty fuel-cell trucks were delivered to Switzerland. The company is also planning to install hydrogen refueling stations in the U.S. for its NEXO FCEVs.
Investments in robotics and shared mobility business
Last year, Hyundai announced the acquisition of Boston Dynamics, and this year, the company has established a new joint venture named ‘Motional’ in partnership with Aptiv. Hyundai said that Motional has obtained the “industry’s first driverless license” in the state of Nevada and plans to commercialize robotaxi service in 2023 in partnership with Lyft. The company also said that it’ll launch a subsidiary in Washington, D.C. to spearhead the Group’s UAM (Urban Air Mobility) businesses.
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