Hyundai plans to invest $7.4 billion in the United States in the next five years to focus on the development of electric vehicles.

According to foreign media reports, Hyundai Motor said on May 13 that it would invest 7.4 billion US dollars in the US market from this year to 2025 to build an electric vehicle production system to ensure growth momentum. At the same time, the pure electric produced by Hyundai Motor in the United States in 2022 will be officially put on the market.

Hyundai also said that it will pay close attention to the US market situation and the government's policy on electric vehicles, and finally decide on plans to increase the scale of production in the United States and expand the production of electric vehicles in the United States.

In addition, Hyundai says it is working with public and private partners to expand the hydrogen ecosystem in the United States. Later in 2021, Hyundai will launch a demonstration project to prepare for the commercialization of fuel cell electric trucks.

In the Chinese market, according to Hyundai's new China strategy, it will start with IONIQ 5 and launch pure electric models in China every year from 2022, in order to consolidate its leading position in China's electric vehicle market. By 2030, Hyundai plans to launch 13 new energy models in China, laying the foundation for the electrification transformation in China.