Hyundai to invest $7.4B in the US by 2025

Hyundai Motor Group (HMG), which includes Hyundai Motor Company and Kia Corporation, says it will invest $7.4 billion in the U.S. by 2025 to produce future EVs, enhance production facilities and further its investments in smart mobility solutions.

HMG says its investment will enhance overall product competitiveness by prioritizing future mobility technologies, including electrification and hydrogen energy. Hyundai and Kia will invest in growing its EV manufacturing footprint to scale production and satisfy U.S. market demands.

The company says it will offer a suite of American-made electric vehicles to U.S. consumers starting next year. In addition, Hyundai and Kia will monitor the market conditions and U.S. government EV policy to finalize its plan to enhance its U.S. production facilities and gradually expand its local EV production.

HMG says it looks forward to working with the U.S. government and other business partners to expand the U.S. hydrogen energy ecosystem. Later this year, Hyundai says it will proceed on a demonstration project in preparation for the commercialization of fuel-cell electric trucks. Hyundai Motor also will work with local partners to conduct a hydrogen-refueling demonstration project for fuel-cell electric trucks. and provide logistics between port and inland warehouses by utilizing fuel-cell electric trucks.

BorgWarner has agreed to acquire the electric vehicle solution, smart grid and smart energy businesses of Hubei Surpass Sun Electric (SSE). The transaction has an enterprise value of up to RMB 410 million (approx. $59.36 million).

Headquartered in Xiangyang, Hubei province, China, SSE’s electrification business supplies patented electric vehicle charging solutions to customers in China and more than 70 other countries. SSE says it has delivered over 50,000 charging points and has led the engineering, procurement, and construction (EPC) of more than 250 charging station sites. SSE’s charging and electrification capabilities in China are expected to complement BorgWarner’s existing capabilities in Europe and North America, the companies say. SSE’s 2022 revenues for the electrification business are expected to be approximately RMB 180 million (approx. $26.06 million).