Hyundai has just announced its largest investment in the US to date, as part of a plan to expand its electric vehicle (EV) and hydrogen fuel cell development. The South Korean-based automaker will invest $8.5 billion over the next five years in building an EV factory in Alabama and researching and developing new zero-emission vehicles. This move signifies Hyundai’s commitment to expanding its global green initiatives, as it seeks to make EVs and hydrogen fuel cell vehicles more accessible and affordable for consumers around the world. In this blog post, we’ll explore what this means for Hyundai, the environment, and the industry at large.
Hyundai’s investment in EVs
Hyundai is investing $1.6 billion in electric vehicle development and production, with a focus on the US market. The investment will be used to create a dedicated EV production line at Hyundai’s facility in Alabama, as well as to develop new EVs for the US market.
The move comes as Hyundai looks to increase its presence in the growing EV market, which is expected to reach $23 billion by 2025. Hyundai currently offers two EVs in the US market, the Soul EV and the Ioniq Electric, but is aiming to have at least 10 EVs available globally by 2030.
The new production line in Alabama will have an annual capacity of 80,000 EVs, and is expected to create 2,000 jobs. Production is set to begin in 2022.
US factory to produce EVs
Hyundai will invest $1.6 billion in electric vehicle (EV) development and production over the next five years, with a focus on the US market. The company plans to produce EVs at its Alabama factory, which currently produces traditional gasoline-powered vehicles.
The move comes as Hyundai faces increasing competition from other automakers in the EV space, including Tesla, General Motors, and Volkswagen. By investing in EV production, Hyundai is hoping to gain a competitive edge and boost sales in the US market.
Hyundai’s EV push will include the development of new battery technology, as well as the launch of several new EV models. The company plans to introduce its first EV in 2020, with additional models to follow in the coming years.
By investing heavily in EVs, Hyundai is betting that the future of the automotive industry lies in electrification. With stricter emissions regulations on the horizon, and consumer demand for more efficient and environmentally-friendly vehicles growing, Hyundai is positioning itself for long-term success in a rapidly changing marketplace.
EV market growth
The Hyundai Motor Group has announced that it will invest $7.4 billion in electric vehicle (EV) development by 2025. The company plans to release 44 new EV models by then, including 28 battery-powered vehicles and 16 fuel-cell vehicles. This is a significant increase from the six EVs that Hyundai currently offers.
The investment will be used to develop new technologies, build new production facilities, and expand Hyundai’s global EV sales network. A large portion of the investment will go toward building a new EV factory in the United States. The factory, which is scheduled to open in 2022, will have an annual capacity of 100,000 vehicles.
Hyundai’s aggressive EV development plan is part of the company’s larger goal to become a leading player in the global auto industry. The company is currently the fifth largest automaker in the world, but it aims to move up to third place by 2025. To achieve this goal, Hyundai knows that it needs to embrace new technologies like EVs.
The market for EVs is growing rapidly, and Hyundai wants to make sure that it captures a significant portion of this market. In 2018, global sales of EVs reached 1.6 million units, a 57% increase from 2017. This trend is expected to continue as prices for batteries and other EV components continue to fall. By 2025, it is estimated that global EV sales will reach 9 million units per year.
Hyundai’s large investment in EVs is a bet on the future
Hyundai’s EV lineup
Hyundai is making a big push into the electric vehicle market. The company has announced that it will invest $7.4 billion in electric vehicle development over the next five years, with a focus on developing vehicles for the US market.
This investment will be used to develop a range of electric vehicles, including a new dedicated EV platform. Hyundai plans to launch 14 new EVs by 2025, with several of them being designed and built in the United States at its Alabama factory.
The first of these new EVs will be a crossover SUV that will launch in 2021. This will be followed by an all-electric version of the popular Hyundai Kona compact SUV, which is currently only available as a hybrid or gasoline model.
Hyundai is clearly committed to electrification, and this latest announcement shows that the company is serious about making EVs a key part of its future. With a strong lineup of upcoming models, Hyundai is poised to take advantage of the growing demand for electric vehicles.