Hyundai and Kia join EV bandwagon in US
Company invests $7.4B in EVs, hydrogen fuel and robot dogs Metal Tech News – May 19, 2021
Last updated 5/25/2021 at 3:35pm
Hyundai Motor Group is backing its commitment to join the low-carbon transition with a $7.4 billion investment in the United States by 2025.
With plans to expand electric vehicle production, enhance production facilities, and invest further in smart mobility solutions, the Korea-based carmaker is joining the electric movement with frightening momentum.
"This investment demonstrates our deep commitment to the U.S. market, our dealers and customers," said Hyundai Motor North America President and CEO José Muñoz. "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 line-up."
Hyundai and subsidiary Kia stated they would grow their EV market footprint to scale production for U.S. market demands by offering a suite of American-made electric vehicles.
The way will be paved with the Ioniq 5 SUV, slated to debut this fall.
With the Kona Electric SUV and Ioniq Electric hatchback under the Hyundai banner and the Kia-branded Niro EV, this next-generation fully electric vehicle has been designed from the tires up as a true full-fledged electric vehicle of the future.
The Environmental Protection Agency has yet to weigh in on the Ioniq 5's estimated driving range. Still, Hyundai expects its larger 77-kilowatt-hour battery to yield the longest range to date, with European testing showing results of roughly 300 miles driving range on a full charge.
The Ioniq 5 will also sport 800-volt charging. With most EVs maxing out at 400 volts, the higher voltage allows remarkably reduced charge times, and the Ioniq 5 purportedly recoups 80% capacity in just 18 minutes.
"One key element of Kia's transformation is transitioning from internal combustion engine to electrification," said Sean Yoon, president and CEO of Kia North America. "With our strategic investment in the United States to produce EV models, we are making huge strides to lead the EV market but also increase our contribution to the economics where we do business."
Besides the new wave of electric vehicles offered by Hyundai Motor Group, further expansion into green energy technology fields will potentially be brought to America as the Korean automaker works with the U.S. government and other business partners to improve hydrogen energy and other low-carbon technologies.
After signing a memorandum of understanding in February last year with the U.S. Department of Energy, Hyundai hopes to cooperate in hydrogen fuel cell innovation and global expansion, including the installation of a hydrogen refueling station.
Later this year, Hyundai will proceed with a demonstration on the project to commercialize fuel cell electric trucks.
Moving from energy to robotics, Hyundai moved in fast by purchasing a controlling 80% interest in famed Boston Dynamics last year in a deal that valued the mobile robot firm at $1.1 billion.
Furthermore, partnering with a leading U.S. mobility technology firm Aptiv, Hyundai created a joint venture called Motional, focused on commercialization of driverless technology.
With expanded hydrogen energy ecosystems, urban air mobility, robotics, and autonomous technologies, and possible production facility developments, it is evident Hyundai means business and is steadily coming up the track.