Hyundai EV, battery plant will be built in U.S.

NEW YORK — Hyundai Motor Co. will build an assembly plant in the U.S. for electric vehicles and batteries, COO Jose Muñoz said Wednesday at the New York International Auto Show.

The new plant is part of Hyundai Motor Group's $7.4 billion investment plan for the U.S. to produce EVs, upgrade factories and develop smart mobility technologies. The company hopes to choose a location for the dedicated EV plant this year, Muñoz said.

The news comes one day after Muñoz said that Hyundai's plant in Montgomery, Ala., would make the Santa Fe hybrid and the electric version of the Genesis GV70 crossover. The hybrid Santa Fe will be the company's first electrified model assembled in the U.S. when it goes into production in October, he said Wednesday, and assembly of the electric Genesis will begin before the end of the year.

The new models for the Alabama plant will require a $300 million investment and create 200 jobs, he said in an interview Wednesday.

EVs are an important part of the company's efforts to become carbon-neutral, Muñoz said.

Earlier Wednesday, the Hyundai Ioniq 5 was named World Car of the Year by an international jury of journalists.