Hyundai to invest US$7.4 billion in US by 2025, with EVs in focus

Hyundai to invest US$7.4 billion in US by 2025, with EVs in focus

The Edge Markets - Automotive·2021-05-14 15:02

BERKELEY/BENGALURU/SEOUL (May 14): South Korea's Hyundai Motor Group said on Thursday it planned to invest US$7.4 billion in the United States by 2025 to produce electric vehicles (EVs), upgrade production facilities, and further its investment in smart mobility solutions.

Hyundai's announcement comes as US President Joe Biden's administration prioritised a push towards electric cars, aiming to replace the 650,000 vehicles in federal fleets with US-made electric vehicles.

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