Hyundai dumps another $10billion into EV production
Any lingering doubts about Hyundai’s commitment to electric cars can just about be thrown in the bin at this point, following the brand’s announcement of a huge cash injection into production of next-gen zero-emission vehicles.
Overnight it confirmed that it would be investing US$7.4billion ($10.3billion) into electric car production — specifically production in North America. This means there’s a chance the models that get developed as a result of this announcement may not see the light of day in this part of the world.
The investment is set to benefit the production lines of both Hyundai and Kia in the region. It’s unclear what kind of expansion the investment will entail, but one would expect a change-up at the brand’s Alabama plant.
“One key element of Kia’s transformation is transitioning from internal combustion engine to electrification,” said Sean Yoon, president and CEO of Kia North America.
“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.”
“This investment demonstrates our deep commitment to the U.S. market, our dealers and customers,” added Jose Munoz, Hyundai Motor Company’s chief operating officer.
“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.”
Hyundai appears to be arming itself for EV and next-gen tech war. Along with recently unveiling the Ioniq 5 — the first model in its electric sub-brand Ioniq — it’s also recently acquired Boston Dynamics. It’s also recently inked a tie-up with autonomous tech firm Motional.
A recent leak of a Hyundai production timeline indicates that its next Ioniq model, the 6, will be lauched in 2022 along with an electric version of the Genesis GV70 SUV. The Ioniq 6 is said to be a production version of the super sleek Hyundai Prophecy concept vehicle from last year.