Hyundai To Invest $300 Million in US Plant for Producing Environment-Friendly Vehicles

Seoul: Hyundai Motor mentioned on Wednesday it's going to make investments 370 billion gained ($300 million) in its US plant to start the manufacturing of environment-friendly automobiles there later this yr. Hyundai Motor will improve the prevailing meeting traces of its Alabama plant for the manufacturing of the Santa Fe gasoline hybrid mannequin and the all-electric Genesis GV70 sport utility automobile in October and December, respectively, the corporate mentioned in an announcement. Hyundai To Manufacture IONIQ 5 All-Electric Model in Indonesia: Report.

"Hyundai is taking its first steps toward bringing EV production to the United States. We are excited to showcase our team members in producing EVs here in Alabama," mentioned Ernie Kim, president and CEO of Hyundai Motor Manufacturing Alabama.

Hyundai Motor's new development plans in Montgomery will assist put together the state's auto trade for the EV revolution whereas additionally aligning with its strategic initiatives, similar to Drive Electric Alabama, the Alabama state Governor Kay Ivey mentioned, reviews Yonhap information company.

The newest US funding plan is a part of Hyundai's broad plan to take a position $7.4 billion in its US crops and markets by 2025. The group, which has Hyundai and Kia as main associates, goals to launch seven electrical fashions in the US, the world's most necessary car market, this yr.

Hyundai Motor's US gross sales from January to March fell 2.3 % to 171,399 automobiles from a yr earlier amid world chip shortages. The carmaker produces the Elantra compact, the Tucson, Santa Fe and Santa Cruz SUVs in the Alabama plant. It has seven home crops and 11 abroad crops -- 4 in China and one every in the United States, the Czech Republic, Turkey, Russia, India, Brazil and Indonesia. Their mixed capability reaches 5.65 million automobiles.

(The above story first appeared on SociallyKeeda on Apr 13, 2023 05:05 PM IST. For more information and updates on politics, world, sports activities, entertainment and life-style, go browsing to our web site SociallyKeeda.com).