This is the total amount following previous announcements.
Much of the total investment will go to building EVs and battery facilities.
The Hyundai Motor Group, the third-largest automaker in the world, has big plans for EV and battery development and production globally. In the US alone, more than $10 billion will be invested in facilities and more money is on the way.
Hyundai, during a recent visit by President Joe Biden to Seoul, announced a further $5 billion would be invested in the US though it wasn’t clear where the money would be invested. Last Friday, Hyundai pronounced plans to invest $5.5 billion in Georgia to build electric vehicles and battery facilities.
According to Yahoo Finance, this brings these new investments total to roughly $10 billion by 2025, above the already announced $7.4 billion sums declared last year. In its domestic market, Hyundai will spend about $16 billion into 2030 to expand its EV business.
Hyundai, Kia, and Genesis’ current crop of EVs are nothing short of impressive. We’ve already reviewed both the Ioniq 5 and EV6, and before long, we plan on trying out the promising Genesis GV60.