Hyundai's American Made Electric Cars
Hyundai Motor Company recently announced that it plans to add electric vehicles to its Montgomery, Alabama assembly line in the United States, marking the South Korean automaker's first EV production in the country.
Hyundai said it plans to invest $300 million to build the electrified Genesis GV70 and a hybrid version of the Santa Fe at its U.S. manufacturing center. The automaker shared plans to begin manufacturing its Genesis GV70 EV in the U.S. beginning this year.
The all-electric GV70 will be produced at Hyundai’s Alabama plant and will mark the first EV manufactured in the U.S. by the Korean automotive umbrella. With this decision, Hyundai looks to make a larger impact on the growing EV market in America and take advantage of proposed subsidies for electric vehicles produced on U.S. soil.
South Korea’s Hyundai Motor Group is the global mobility umbrella above multiple marques that include Hyundai and Kia, as well as the new Ioniq brand of EVs. Hyundai’s luxury brand Genesis recently shared plans to go all-electric by 2030, ending new combustion models in 2025. Earlier this year, Hyundai Group shared several upcoming EVs during an investor presentation, which included an electrified version of Genesis’ current GV70 crossover.
This past May, Hyundai announced it plans to invest $7.4 billion in future EV development and manufacturing in America by 2025. “I am excited to make this announcement on behalf of the Hyundai Motor Group. This investment demonstrates our deep 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 lineup,” said Hyundai’s global CEO José Muñoz at a recent press announcement.
Alongside the investment, Hyundai stated it plans to closely monitor America’s market conditions and government policy surrounding EV implementation before finalizing its strategy to expand EV manufacturing stateside.
The Biden administration has previously called for $174 billion in government spending to boost EV adoption, and wants 50% of new cars to become electric by 2030. With its recent announcement, Hyundai looks to get ahead of legislation with great optimism that subsidies in the Build Back Better Act will pass.