Hyundai Advances Hyundai Motor Corp. will build an assembly plant in the U.S. for electric vehicles and batteries, COO Jose Muñoz announced at the New York International Auto Show.

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

Earlier Muñoz announced Hyundai's plant in Montgomery, Ala., will produce the Santa Fe hybrid and the electric version of the Genesis GV70 crossover. The hybrid Santa Fe will the company’s first electrified model assembled in the U.S. when it goes into production in October. The company will start assembling the electric Genesis in the U.S. by year’s end.

Producing the new models in Alabama will require a $300 million investment and will create 200 jobs, he said.

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