South Korean company Hyundai Motor Group said it plans to invest $ 7.4 billion in the United States by 2025 to build electric vehicles, modernize manufacturing facilities and develop smart mobility solutions.
Hyundai’s announcement comes as the US presidential administration has focused on the introduction of electric vehicles, in particular by announcing its intention to replace 650,000 vehicles in the federal fleet with American-made electric vehicles.
In January, the president also signed a decree to impose stricter rules on government procurement practices to increase purchases of American-made products, strengthen domestic production and create markets for new technologies.
Analysts believe the US investment will allow Hyundai to take advantage of the administration’s EV policy for subsidies and tax breaks.
Hyundai Motor will begin production of electric vehicles at its U.S. plant in 2022. Kia, a subsidiary of the South Korean auto giant, also plans to build electric vehicles in the United States. Hyundai has a plant in Alabama and Kia has a plant in Georgia.
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