NEW YORK — Hyundai Motor Co. will construct an meeting plant within the U.S. for electrical automobiles and batteries, COO Jose Muñoz stated Wednesday on the New York Worldwide Auto Present.

The brand new plant is a part of Hyundai Motor Group’s $7.4 billion funding plan for the U.S. to supply EVs, improve factories and develop sensible mobility applied sciences. The corporate hopes to decide on a location for the devoted EV plant this yr, Muñoz stated.

The information comes in the future after Muñoz stated that Hyundai’s plant in Montgomery, Ala., would make the Santa Fe hybrid and the electrical model of the Genesis GV70 crossover. The hybrid Santa Fe would be the firm’s first electrified mannequin assembled within the U.S. when it goes into manufacturing in October, he stated Wednesday, and meeting of the electrical Genesis will start earlier than the tip of the yr.

The brand new fashions for the Alabama plant would require a $300 million funding and create 200 jobs, he stated in an interview Wednesday.

EVs are an necessary a part of the corporate’s efforts to develop into carbon-neutral, Muñoz stated.

Earlier Wednesday, the Hyundai Ioniq 5 was named World Automotive of the Yr by a global jury of journalists.