South Korea’s Hyundai Motor said on Thursday it is planning to invest $7.4 billion in the United States by 2025 for producing electric vehicles, upgrade production facilities, and increase its investment in smart mobility solutions.
The automaker’s announcement comes as U.S. President Joe Biden‘s administration prioritized a push toward electric vehicles, aiming to replace the 650,000 vehicles in federal fleets with U.S.-made electric vehicles.
In January, Biden also signed an executive order intended at imposing tougher regulations on government procurement practices to boost purchases of American-made products, strengthening domestic manufacturing, and establish markets for new technologies.
The automaker’s announcement came before U.S. President Joe Biden meets with South Korean President Moon Jae-in in Washington next week in talks. The topics will concern North Korea, COVID-19 vaccines, and other topics.
