Hyundai will invest $7.4 billion into its facilities in the United States through 2025. This will include factory upgrades for building an EV in America starting in 2022, and that model will also go on sale next year.
Hyundai isn't going into specifics about the American-made EV yet. In the investment announcement, the company offered the enigmatic statement: "Hyundai and Kia will monitor the market conditions and U.S. government EV policy to finalize its plan to enhance its U.S. production facilities and gradually expand its local EV production."
Gallery: Hyundai Prophecy concept
Judging by the company's product plan, the model is possibly the Ioniq 6, which allegedly arrives next year. The model reportedly takes styling cues from the beautiful Prophecy concept sedan (pictured above).
Hyundai will also invest in the hydrogen infrastructure in America. This will include creating a fuel cell truck demonstrator that will debut later in the year. The vehicle will be for showing the logistics of traveling between port and inland warehouses using hydrogen power.
Hyundai's EV Future:
Another part of the expenditure goes toward Hyundai's high-tech side that is developing aircraft, robotics, and autonomous driving tech. Part of this will be, launching a subsidiary in Washington DC to handle the company's urban air mobility operations.
Some of the investment will go into Boston Dynamics, although Hyundai is not specifying how much or with that focus. The automaker bought the robotics company in December 2020.
Hyundai is also launching a joint venture called Motional with the mobility technology company Aptiv. The goal is to commercialize driverless robotaxis in 2023 as a partnership with Lyft. The company is testing with specially outfitted Ioniq 5 models on public roads.