The Hyundai Motor Group (that includes Hyundai and Kia) announced today its plan to invest $7.4 billion in the U.S. by 2025 to produce future EVs, as well as "enhance production facilities and further its investments in smart mobility solutions.""
The most important point things for us is that both Hyundai and Kia will build American-made battery electric vehicles. Hyundai specifically will begin EV production in 2022.
It's not yet known what and how many models will be introduced, as it depends on the market conditions and EV policy. Besides BEVs, the group intends to invest also in hydrogen fuel cells:
"HMG’s investment will enhance overall product competitiveness by prioritizing future mobility technologies, including electrification and hydrogen energy."
"Hyundai and Kia will invest in growing its 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 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."
Hyundai and Kia are currently busy with the market launch of the first two E-GMP-based electric models: the Hyundai Ioniq 5 and Kia EV6. Both models are produced in South Korea and will be sold globally.
José Muñoz, Hyundai Motor Company’s Global Chief Operating Officer and President and CEO of Hyundai Motor North America said:
“I am excited to make this announcement on behalf of the Hyundai Motor Group. This investment demonstrates our deep commitment to the U.S. market, our dealers and customers. Hyundai will lead the future of mobility in the United States and around the world. Our efforts are proof positive that Hyundai will continue to pursue excellence in our current and future product line-up.”
Sean Yoon, President and CEO of Kia North America added:
“One key element of Kia’s transformation is transitioning from internal combustion engine to electrification. With our strategic investment in the United States to produce EV models, we are making huge strides to lead the EV market but also increase our contribution to the economies where we do business.”
Hyundai Motor Group announced also that it will expand the U.S. hydrogen ecosystem in collaboration with local private and public partners.
For now, the company offers - on a limited scale - only the Hyundai NEXO model, but just like Toyota, the company has big ambitions related to hydrogen.
"Hyundai Motor Group signed an MOU with the U.S. Department of Energy in February 2020 to cooperate in hydrogen fuel cell technology innovation and global expansion. This included the installation of a hydrogen refueling station and providing NEXO SUVs.
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 trucks. and provide logistics between port and inland warehouses by utilizing fuel cell electric trucks.
Hyundai have previously made an agreement with Cummins Inc., an U.S. based company which specializes in advanced powertrain, to accelerate deployment of fuel cell electric systems in the U.S. market."
A separate part of the investment is Urban Air Mobility (UAM), robotics and autonomous technologies.
Hyundai Motor Group acquired 80% of Boston Dynamics for $1.1 billion to establish its presence in the robotics field. In terms of autonomous driving, the work progresses under the Motional joint venture (with Aptiv).
Motional is already working on an autonomous Hyundai Ioniq 5. The first robotaxi will be launched (on a limited scale we guess) in 2023:
"Focused on commercializing driverless technology, Motional has obtained the industry’s first 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.
Together, the Hyundai Motor Group and Motional will enhance its autonomous driving technology in preparation for Lyft’s robotaxi launch in 2023."