By Gabrielle Coppola
Bloomberg
Hyundai Motor Group, which owns both the Hyundai and Kia car brands, said it will build electric vehicles in the U.S. as part of a $7.4 billion investment that also covers hydrogen refueling stations and unmanned flying taxis.
The investments will be made through 2025, Hyundai said in a statement Thursday. It didn’t specify how much money would go to each area. Hyundai Motor Co. confirmed the EVs will be made at its assembly plant in Montgomery. Kia has a factory in West Point, Georgia.
“We’re going to review options, including the expansion of our production facility, after we’ve taken a closer look at market conditions and the U.S. government’s new EV policy,” said Michele Tinson, a U.S.-based spokeswoman for Hyundai. The primary focus for both brands is “ensuring a stable EV supply chain to meet U.S. demand.”
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