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Hyundai to build US$5.54 bln EV, battery plant in U.S.

All News 04:33 May 21, 2022

SEOUL, May 21 (Yonhap) -- South Korean carmaker Hyundai Motor Group said Saturday it will invest US$5.54 billion to build a dedicated electric vehicle and battery manufacturing facility in the United States in the latest move to meet growing demand for zero-emission vehicles in the world's most important automobile market.

The announcement comes while U.S. President Joe Biden is visiting South Korea as part of his first trip to Asia amid ongoing tension with China and continued provocations from North Korea.

The proposed new EV plant in Georgia would help Hyundai Motor Co. and Kia Corp. strengthen their lineup as they plan to launch all-electric SUVs, such as the Hyundai IONIQ 7 and the Kia EV9, in the U.S. Hyundai has a plant in Alabama and Kia has a plant in Georgia.

Last month, Hyundai Motor announced it will invest $300 million in the Alabama plant to begin production of the Santa Fe gasoline hybrid model and the all-electric GV70 SUV under its luxury Genesis brand later this year.

Hyundai plans to roll out 17 EV models by 2030, including six Genesis models, with Kia scheduled to release 14 EVs by 2027.

Their EV plans are in line with the Biden administration's drive to attract more investment in EVs and generate more jobs in the EV industry. The U.S. government aims to have half of the vehicles sold in the U.S. be electrified ones by 2030.

Global carmakers have been racing to go eco-friendly amid tightened regulations on emissions of greenhouse gases, which scientists say are to blame for global warming.

Hyundai has seven domestic plants in Korea and 11 overseas plants -- four in China and one each in the U.S., the Czech Republic, Turkey, Russia, India, Brazil and Indonesia. Their combined capacity reaches 5.65 million vehicles.

Kia has eight domestic plants and seven overseas ones -- three in China and one each in the U.S., Slovakia, Mexico and India. Their overall capacity is 3.84 million units.

This file photo provided by Hyundai Motor Group shows Hyundai Motor Co. and its affiliate Kia Corp.'s headquarter buildings in southern Seoul. (PHOTO NOT FOR SALE) (Yonhap)


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