Hyundai Motor Group, makers of Hyundai and Kia autos, announced today their intent to invest $7.4 billion in the US by 2025. Electric vehicles, production facilities, and smart mobility is where the money will go.
Putting in the work is one thing, but bringing the cash is another. Hyundai Motor knows that to be competitive in North America, you’ve got to spend like a boss. Electrification and hydrogen top their techno thought processes.
José Muñoz, Hyundai Motor Company’s Global Chief Operating Officer and President and CEO of Hyundai Motor North America said, “I am excited to make this announcement on behalf of the Hyundai Motor Group. This investment demonstrates our commitment to the U.S. market, our dealers and customers.”
“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,” said Muñoz. Today the US, and tomorrow world domination?
Sean Yoon, President and CEO of Kia North America said, “One key element is transitioning from internal combustion engines to electrification.”
So the race is on, and which manufacturer do you think will be the first to electrify themselves? Complete removal of gas engines from their entire lineup.
Hyundai Motor Group is in cahoots with our government and business partners to expand the US hydrogen energy ecosystem. Their commitment to hydrogen will create business opportunities for them and their cohorts.
Hyundai Motor Group and the US Department of Energy are developing hydrogen fuel cell technology, with plans for global expansion. This includes hydrogen refueling station installations, although it is unclear where and when this might occur.
Your tax dollars are being used for HFC technology, with no infrastructure for producing or distributing quantities of hydrogen.
[Images: Hyundai, Kia]