Hyundai is investing in the electric car industry - Economist

Hyundai said it plans to invest $ 7.4 billion in the United States by 2025 to manufacture electric cars, develop production, and boost its investment in smart transportation solutions.

We find that Hyundai Motor's announcement of the investments comes ahead of a meeting by US President Joe Biden with his South Korean counterpart Moon Jae-in in Washington next week for talks that are expected to address issues including North Korea, Corona vaccines and semiconductors, and Biden also calls for new spending of the size. $ 174 billion to boost electric cars and battery charging facilities.

But why are most companies seeking to increase their investment in the "electric cars" industry in the United States of America, because of the American lawmakers ’interest in financing tens of billions of dollars to shift towards electric cars instead of using gasoline engines and building hundreds of thousands of recharging stations?

Hyundai is expected to start producing electric cars in America in 2022, and its unit, KIA, intends to manufacture electric cars in the United States, as Hyundai produces cars at a plant in Alabama, while Kia produces cars in a factory in Georgia.

"Hyundai and Kia will monitor market conditions and the US government's policy towards electric cars to finalize their plans to develop US production facilities and gradually expand domestic production of electric cars," Hyundai said in a statement.

The company said that it will offer a variety of electric cars to US consumers starting next year as part of a plan that also includes hydrogen energy, and said that its investments include robots, urban air transportation and autonomous technology.