HYMLY Hyundai Motor (PK)

By Michael Dabaie

Hyundai Motor Group, which includes Hyundai Motor Co. and Kia Corp., said it plans to invest $7.4 billion in the U.S. by 2025.

The company said the investment will be to produce future electric vehicles, enhance production facilities and further its investments in smart mobility solutions.

Hyundai and Kia will monitor the market conditions and U.S. government EV policy to finalize its plan to enhance its U.S. production facilities and gradually expand its local EV production, the company said.

Hyundai and Kia will invest in growing its EV manufacturing footprint to scale production and satisfy U.S. market demands. Hyundai Motor will offer U.S.-made electric vehicles to U.S. consumers starting next year, the company said.

Hyundai and Kia will monitor the market conditions and U.S. government EV policy to finalize its plan to enhance its U.S. production facilities and gradually expand its local EV production, the company said.

Hyundai Motor Group said it also plans to expand the U.S. hydrogen ecosystem in collaboration with local private and public partners.

The group will also further invest in robotics, urban air mobility and autonomous driving technology.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

May 13, 2021 10:50 ET (14:50 GMT)

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