Hyundai Will Invest $300 Million for Eco-friendly Cars

Hyundai Motors announced an investment of $300 million in its US plant to start the production of environment-friendly vehicles there later this year.

Hyundai Motor Co Ltd announced that it will upgrade its existing assembly line at its Alabama plant to produce the Santa Fe gasoline hybrid and the Genesis GV70 All-Electric SUV in October and December respectively.

The investment comes under the company’s plan to invest $7.4 billion in its US plants and markets by 2025. The group aims to launch seven electric models in the world’s most important automobile market, the USA.

Hyundai Motor's new growth plan in Montgomery will help the state's automotive industry prepare for the EV revolution while aligning with its strategic initiatives including Drive Electric Alabama, the Alabama State Governor Kay Ivy said.

The automotive company produces the Elantra compact, the Tucson, Santa Cruz SUVs in the Alabama plant. There are 7 domestic factories, 11 overseas factories, 4 in China, one each in the US, Czech Republic, Turkey, Russia, India, Brazil and Indonesia. Their total capacity reaches 5.65 million units.