World News | Hyundai Motor to Invest 300 Million Won in Alabama EV Plant

Seoul [South Korea], April 14 (ANI/Global Economic): Hyundai Motor will invest USD 300 million (about 360 billion won) in its US Alabama plant to produce Santa Fe hybrid and Genesis Electrified GV70 models.

This is the first time to produce eco-friendly vehicles such as electric vehicles (EVs) and hybrid cars in the US. Hyundai Motor Group currently produces only internal combustion engine vehicles at its Alabama and Georgia plants.

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According to the Alabama government and Hyundai Motor's US business unit on the 13th, Jose Munoz, president of Hyundai Motor North America, officially announced the plan to produce EVs at the Alabama plant at the New York Auto Show.'

President Munoz said, "Hyundai plans to produce Santa Fe Hybrid from October and Genesis GV70 from December."

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Hyundai Motor will invest USD 300 million to build EV production facilities and create 200 new jobs.

Ernie Kim, president of Hyundai Motor Manufacturing Alabama, said, "Hyundai Motor has taken the first step toward producing EVs in the US. We are excited to showcase our team members in producing EVs here at the Alabama plant."

It is analyzed that Hyundai Motor's investment is based on Joe Biden administration's 'Buy American' policy. The Biden administration announced in March that the US will increase the percentage of the use of American parts and components from the current 55 per cent to 75 per cent by 2029. (ANI/Global Economic)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)