Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

South Korean carmaker Hyundai Motor Group said it will build electric vehicles in the US with an investment of $7.5bn. The carmaker plans to expand production facilities, and introduce hydrogen refueling stations and unmanned flying taxis.


The investments will be made through 2025, Hyundai announced. The EVs will be made at the company’s assembly plant in Montgomery, Alabama which has a capacity if 400,000 units while Kia has a factory in West Point, Georgia.


Hyundai Motor Group, which includes Hyundai Motor Co and Kia Corp, will create a subsidiary in the US for its urban air mobility businesses and  and form a JV with Aptiv called Motional to commercialize driverless technology.


The carmaker in a statement stated that they are reviewing options including expanding production facility after taking a closer look at the US market conditions and government’s new EV policy. 


Hyundai already sells two EV models, Kona and Ioniq in the US with Ioniq 5 slated for launch later this year, while Kia, which sells the Niro EV, will bring EV6 to the country in 2022.


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