Hyundai pumps $7.4 billion into EV production in America
Hyundai has quite the list of EVs that it plans on producing within the next few years, and a good chunk of them are going to be right here in the US.
Hyundai has recently announced a long list of new vehicles that are on their way within the next few years, and its reinforcing these announcements with a $7.4 billion investment into its US production facilities. While some of this money will go to updating existing models, researching driver tech, etc., a large chunk of this money will be going towards EV production.
The good news about this investment is that it is going towards American production, which is always a good thing for the manufacturing industry, but it also means that Hyundai can reap the benefits of potential rebates from the US Government. This also means that there is a bunch of new products coming out from Hyundai, and most likely Kia and Genesis as well, which is always good news, as the three Korean brands have been dominating the market as of late.
So what's on the agenda for Hyundai? Well, for starters, an updated Sonata and Palisade are slated for 2022, which will likely feature Hyundai's new styling elements from the recently unveiled Tucson and Santa Cruz. The Ioniq 5 is also expected to come out for 2022, as well as a new sedan, that is expected to be called the Ioniq 6. The Ioniq 6 will be based on the Prophecy concept, and should be a radically styled EV that will likely serve as the halo car for the Ioniq sub-brand.
While there isn't a lot of news about Kia, the EV6 is coming in the not too distant future, and with a 0-60 time of 3.5 seconds for the EV6 GT, do they really need to explain themselves any further? If the Sonata and the Palisade are being updated for 2022, then its likely that the K5 and Telluride will be updated as well, which is good news for Kia, because those models are already selling fairly well already.
Lastly we arrive at Genesis's EV plans. Genesis has already shown off a bunch of EV concepts like the Essentia and the Mint, but they also recently unveiled the electrified G80, which has been appropriately called the Electrified G80. Genesis also plans to launch an electrified version of the GV70, which is their compact SUV. I'm no rocket scientist by any means, but I imagine that this will be called the Electrified GV70.
These updates and new products are part of Hyundai's plan to invest this $7.4 billion over the next five years. Some of the side projects also include increased use of hydrogen fuel cell technology, mostly on a commercial level through a partnership with Cummins, but also with the US Government by improving infrastructure and providing the Government with a fleet of Hyundai's fuel cell powered SUV, the Nexo. There's also some new robot technology on the way through Boston Dynamics, which Hyundai owns 80 percent of.
In short, Hyundai has a lot of interesting stuff going on, and over the next few years, Hyundai plans on using this investment to develop a fleet of EVs that are built right here in the USA, and to that I say, go for it.
What are your thoughts on Hyundai's EV plans? Should GM be scared? Comment Below!