The Hyundai Cars brand will get $1.8 billion in federal stimulus money, the largest contribution to a new carmaker in history, after the U.S. government approved its latest $8.8 million package.
The auto maker said Friday it will receive $1,100 for every U.s. vehicle sold with the carmaker brand name on it, including new models.
The total amount is $4,226 million for the brand, Hyundai, Hyundai Motor Co., and the brands name on cars, trucks and SUVs.
The money will go toward new U. S. production of the new Hyundai Genesis sedan, the Hyundai Tucson, and the Hyundai Genesis compact crossover, which are scheduled to be introduced next year.
The U.K.-based company also is receiving $1 billion for the U-Haul fleet, which includes buses, and $900 million for its fleet of trucks.
Hyundai said the money will help finance a series of investments in new factories, including an $8 billion investment to build a second assembly plant in Mexico.
Hyde said it will spend $1 million on research and development for vehicles, and it expects to spend $2 billion on new factories.
Hyderco’s U.A.E. sales rose 7.3 percent to $3.1 billion in the first three months of the year, a record for the market, according to IHS Markit.
That compares with a 6.1 percent rise in the same period a year ago.