Hyundai Motor Group – the parent to the Hyundai, Kia and Genesis automotive brands – on Thursday revealed a $7.4 billion plan that includes U.S.-made electric vehicles in the automaker’s ramp of electrification and hydrogen energy solutions.
The spending target would be hit by 2025, the automaker said.
Hyundai Motor America Inc. and Genesis Motor America Inc. are based in Fountain Valley, while Kia Motors America Inc. is headquartered in Irvine.
The company said it will begin producing electric vehicles next year in the U.S. with both the Hyundai and Kia brands increasing their electrics production for the U.S.
Hyundai Motor Group also said it is expanding its work on hydrogen energy, following a memorandum of understanding signed with the U.S. Department of Energy last year to bolster the country’s hydrogen fuel cell technology infrastructure.
The automaker also said it intends to create a Washington D.C.-based subsidiary addressing mobility solutions in cities using robotics, driverless and other technologies. Hyundai Motor is currently part of a joint venture called Motional, working with Lyft Inc. on a robotaxi service expected to launch in 2023.
Hyundai’s electric IONIQ 5 is currently being tested with autonomous technology as Lyft prepares for that service launch.