Hyundai Motor Group has decided to increase to $26 billion its investment commitment to the US.Hyundai Motor said on Sunday that sales of its face-lifted Nexo hydrogen-powered sport utility vehicle (SUV) have reached nearly 7,000 units since its launch in June, far outpacing its predecessor.
Sales of the upgraded hydrogen fuel cell electric vehicle (FCEV) model came to 6,767 units in the June-August period, far surpassing the 1,500 units recorded by the first-generation model during the first three months after its release in 2018, according to the company.
The new model boasts a driving range of up to 720 kms on a single charge and a high-efficiency powertrain with a maximum motor output of 150 kilowatts, reports Yonhap news agency.
To promote hydrogen cars, Hyundai Motor provided 32 Nexo SUVs as protocol vehicles for the Asia-Pacific Economic Cooperation Energy Ministerial Meeting held in the southern port city of Busan last week.
“The rising sales of the Nexo, along with its use at international events, indicate hydrogen mobility is gradually becoming part of everyday life,” a company official said.
Meanwhile, Hyundai Motor Group has decided to increase to $26 billion its investment commitment to the United States over the next four years, with a focus on steel, automobiles and robotics.
The investment, which was unveiled following President Lee Jae Myung’s first summit with US President Donald Trump in Washington, marks a sharp rise from the $21 billion pledge made in March.
“Through the investment, Hyundai Motor Group will respond to US government policies and expand business opportunities in various areas to bolster its future competitiveness in areas including the mobility sector,” the company said in a release.
Under the plan, Hyundai will build a steel plant in the US state of Louisiana with an annual production capacity of 2.7 million tons, providing quality low-carbon steel for key strategic industries.
