Hyundai announces $450 million in investments to Montgomery plant
MONTGOMERY, Ala. (WAKA) – Hyundai Motor Manufacturing has announced a major investment to expand its’ Montgomery plant.
Hyundai officials joined Alabama Governor Kay Ivey and other leaders on Wednesday an investment of nearly $450 million to expand production.
“Since its founding in Montgomery 24 years ago, Hyundai Motor Manufacturing of Alabama has become synonymous with cutting-edge design and endless innovation in performance,” said Governor Kay Ivey. “Alabama and Hyundai are a winning team, and this substantial investment to enhance Hyundai’s well-known automotive line will propel our successful partnership to even greater heights. The future of Hyundai in Alabama is brighter than ever.”
Officials say the site will expand engine production to support hybrid and extended-range electric vehicle technologies. The Montgomery plant will also be prepared for future production of the new Santa Fe and Tucson models.
“These investments will support new vehicle production, expanded engine manufacturing capabilities and advanced propulsion technologies that provide customers with greater choice and flexibility as the automotive industry continues to evolve,” said HMMA Chief Operating Officer Mark Rader. “Most importantly, these investments represent confidence. Confidence in this facility. Confidence in our workforce. Confidence in our supplier network. And confidence in Alabama.”
With this expansion, HMMA’s total investment is nearly $2.2 billion since production began in 2005.
The HMMA site currently employs 4,200 team members. It and its suppliers have an annual economic impact of more than $5 billion. The facility contributes about $100 million in state tax revenue and over $12 million in local tax revenue each year.
