The South Korean auto large has no plans to decelerate within the US. To drive development within the US, Hyundai will make investments $21 billion over the following three years. The funds will assist broaden manufacturing, partnerships, and EV charging infrastructure within the US. A few of the funding may also be used for a brand new plant to provide metal for its upcoming EVs.
Hyundai publicizes $21 billion funding within the US
Hyundai is coming off its greatest gross sales 12 months ever within the US, promoting over 836,800 autos, 4% greater than it did in 2023. February was its fifth straight document gross sales month within the US.
Over the following three years, the South Korean auto large plans to speculate $21 billion within the US. Hyundai will use $9 billion to extend US manufacturing capability between the Hyundai, Kia, and Genesis manufacturers to 1.2 million.
A few of the funds will probably be used to improve its present manufacturing plant in Alabama and Kia’s Georgia facility. One other $6 billion will probably be used to broaden its provide chain, together with EV components like battery packs.
In the meantime, Hyundai Metal will use a few of it to construct a brand new Electrical Arc Furnace metal mill in Louisiana. The power will be capable to produce 2.7 million tons of metal for Hyundai autos, together with EVs.
Hyundai will use the opposite $6 billion to advance new tech and broaden partnerships in autonomous driving, robotics, AI, and superior air mobility. A few of its tasks embrace partnering with NVIDIA to speed up autonomous driving and AI for mobility and supplying robotaxis to Waymo.
By 2028, Hyundai’s investments will create round 14,000 new direct full-time jobs. General, it should generate over 100,000 direct and oblique jobs within the US.
Later this week, Hyundai will maintain a gap ceremony at its huge new EV plant in Georgia, Hyundai Motor Group Metaplant America, the place the 2025 IONIQ 5 is being constructed. Quickly, will probably be joined by Hyundai’s first three-row electrical SUV, IONIQ 9.
The funding comes after Trump focused South Korea earlier this month, claiming its tariffs have been 4 occasions larger than these of the US. The South Korean authorities shot again, saying the 2 international locations had free commerce, and the efficient tariff fee on US imports was 0.79% final 12 months.
The brand new funding comes forward of Trump’s April 2 tariff deadline. Hyundai is already one of many high EV sellers within the US. The IONIQ 5 was the fourth top-selling EV within the US final 12 months behind the Tesla Mannequin Y, Mannequin 3, and Ford’s Mustang Mach-E.
After a serious refresh, the 2025 IONIQ 5 now has extra vary (as much as 318 miles), improved model in and out, and an NACS port for charging at Tesla Superchargers.
With its first three-row electrical SUV, the IONIQ 9, arriving and manufacturing ramping up at its new EV plant in Georgia, Hyundai North America CEO Randy Parker stated in January that he’s “assured this momentum will proceed” over the following few years. The brand new funding will solely cost up Hyundai’s ambitions within the US.
