Jung-hee Kim, Gounee Yang

Global Economic News

HYUNDAI Motor will invest US$300 million in its U.S. plant in Alabama to produce Santa Fe hybrid and Genesis Electrified GV70 models.

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

According to the Alabama government and Hyundai Motor’s U.S. business unit, José Muñoz, president of Hyundai Motor North America, officially announced the plan at the New York Auto Show.

“Hyundai plans to produce Santa Fe Hybrid from October and Genesis GV70 from December,” Muñoz said.

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

Analysts say that Hyundai Motor’s investment is based on Joe Biden administration’s “Buy American” policy.