Even as its all-electric Ioniq 5 won big at the prestigious 2022 World Car Awards, as it was named overall World Car of the Year, World Electric Vehicle of the Year and World Car Design of the Year at New York International Auto Show, carmaker Hyundai has let it known that it is planning to build a new factory in the US for electric vehicle assembly and batteries.
In all, the Korean auto major is coming up with an investment of $7.4 billion, which would include a new factory to manufacture EVs, adding EV assembly line in its existing factory in Montgomery, US, and developing technologies related to smart mobility.
Hyundai has been quoted as saying that it is now scouting for a location for its new EV and battery factory. The group, which has Hyundai and Kia as major affiliates, aims to launch seven electric models in the US, the world’s most important automobile market, this year.
Hyundai has seven domestic plants and 11 overseas plants -- four in China and one each in the United States, the Czech Republic, Turkey, Russia, India, Brazil and Indonesia. Their combined capacity reaches 5.65 million vehicles.
Hyundai’s electric plans
Hyundai just a few days back had announced that it will produce the all-electric Genesis G70 and the Hyundai Santa Fe hybrid at its factory in Montgomery, Alabama. Santa Fe hybrid, which also comes as a plug-in hybrid, will be the first electrified Hyundai vehicle that will be manufactured in the US. It is said to go into production from October 2022. The electric Geneis G70 will start production by the end of the year.
The existing production facilities are being given a facelift to manufacture EVs at a cost of over $300 million.
Closer home, in India, Hyundai is pumping in Rs 4000 crore as part of its plan to introduce six electric vehicles by 2028 here. Hyundai will unveil the first of the six vehicles next year, which is likely to be the electric SUV Ioniq 5. It is said that Hyundai will follow it up with the facelifted Kona Electric, which is likely to be assembled in India.
Hyundai, for the record, was the first to bring a contemporary EV in India with the Kona Electric in 2019. But did not seem to pursue it with its usual diligence.
