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Hyundai to invest US$7.4 billion in US by 2025, with electric cars in focus Toggle share menu
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Hyundai to invest US$7.4 billion in US by 2025, with electric cars in focus :South Korea s Hyundai Motor Group said on Thursday it planned to invest US$7.4 billion in the United States by 2025 to produce electric vehicles, upgrade production facilities and further its investment in smart mobility solutions.
FILE PHOTO: The 2019 Hyundai Kona Electric vehicle is displayed at the New York Auto Show in the Manhattan borough of New York City, New York, U.S., March 28, 2018. REUTERS/Brendan McDermid
14 May 2021 12:30AM (Updated:
14 May 2021 12:25PM)
Hyundai to invest $7.4b in US by 2025, will focus on electric cars, smart mobility
REUTERS/Kim Hong-Ji
May 14, 2021
South Korea’s Hyundai Motor Group said on Thursday it planned to invest $7.4 billion in the United States by 2025 to produce electric vehicles, upgrade production facilities, and further its investment in smart mobility solutions.
Hyundai’s announcement comes as US President Joe Biden’s administration prioritised a push toward electric cars, aiming to replace the 650,000 vehicles in federal fleets with US-made electric vehicles.
In January, Biden also signed an executive order aimed at imposing tougher rules on government procurement practices to increase purchases of American-made products, strengthening domestic manufacturing, and create markets for new technologies.