On Tuesday, Hyundai Motor Manufacturing Alabama, a unit of Hyundai Motor (OTC:HYMTF), said that the company plans to add electric vehicles to its Montgomery assembly line in the U.S. Once added, the Montgomery plant will be the first Hyundai EV plant in the country.
“Hyundai Motor Company is taking its first steps in electric vehicle production in the United States. We are excited to showcase our team members’ skills in producing electric vehicles here in Alabama,” said Ernie Kim, Hyundai Motor Manufacturing Alabama’s president and CEO.
Hyundai said that it plans to invest $300 million to build the Electrified Genesis GV70 and hybrid version of the Santa Fe at the plant. The plant expansion will include additional warehouse space and enhanced assembly processes to support electric vehicle production.
“Over the years, we have developed an enduring partnership with Hyundai, and it’s been great to witness the profound economic impacts of the company’s continued investments in Alabama,” Gov. Kay Ivey said in a statement. “Hyundai’s new growth plans in Montgomery will help prepare the state’s auto industry for the EV revolution while also aligning with our strategic initiatives such as Drive Electric Alabama.
The new plant is linked with a Hyundai-LG joint venture battery plant scheduled to open in 2024.
By Michael Elkins