South Korean multinational automotive company, Hyundai Motor Company (OTC: HYMTF), recently made the announcement that they intend to invest $7.5 million in the United States by the year 2025 in order to make future electric vehicles and to "enhance production facilities and further its investments in smart mobility solutions."
They plan to join forces with Kia, Hyundai's subsidiary, in order to carry forth their vision of building American-made battery electric vehicles. While it has not been confirmed as to the type and number of models that will be introduced, Hyundai plans to invest in hydrogen fuel cells.
"HMG's investment will enhance overall product competitiveness by prioritizing future mobility techniques, including electrification and hydrogen energy," the company stated in a press release. It will involve partaking in the hydrogen infrastructure in America, which will include the making of a fuel cell demonstrator that may be introduced sometime later in the year.
Jose' Munoz, 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."
These new electric models will be sold on a global level, and, according to the company's product plan, the model will possibly be an Ioniq 6, which will come within the next year. Supposedly, it takes on styling inspiration from the Prophecy concept sedan.
Another aspect of this plan will become the part of Hyundai that deals with the formation of aircraft, robotics, and autonomous driving tech. It will also involve the launching of a subsidiary in Washington, D.C. in order to take care of the company's urban air mobility operations. A portion of this investment will go toward Boston Dynamics, but Hyundai is not stating exactly how much or the precise nature of the focus.
The investment in these types of vehicles will surely be a new, unforgettable, and exciting experience. It will also be one that is potentially beneficial for the environment, so from all angles, the investment in electric vehicles by Hyundai will prove to be fruitful.