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 to announce an investment of nearly $450 million to expand production.
“Near a half billion with a B dollars investment in new vehicle production and engine expansion capabilities will keep HYUNDAI at the forefront of automobile development in America four years to come,” says Governor Kay Ivey.
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. The investments include enhancements to HMMA’s powertrain operations to support the production of additional engine variants.
“Hyundai motors investment in the United States HMMA in particular is an outstanding example of the ROKUS alliance maturing and deepening into a close partnership for the shared prosperity of our peoples,” says Kyung-Wha Kang, the Ambassador of the Republic of Korea.
“HMA also represents the strong enduring partnership between the Republic of Korea and the state of Alabama for more than 20 years that partnership has created opportunities strengthen communities and demonstrated what can be achieved when people work together for a shared vision,” says Mark Rader, the President and CEO of HMMA.
HMMA says the projects will increase manufacturing flexibility and position the facility to meet evolving customer demand
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.
