Hyundai Motor Group to invest more than $10 billion in US up to 2025
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TUESDAY, JULY 05, 2022
Hyundai Motor Group to invest more than $10 billion in US up to 2025

Global Economy

Reuters
22 May, 2022, 09:10 am
Last modified: 22 May, 2022, 10:29 am

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Hyundai Motor Group to invest more than $10 billion in US up to 2025

The investments will be made by 2025, paying for activities in robotics, urban air mobility, autonomous driving and artificial intelligence, the group said

Reuters
22 May, 2022, 09:10 am
Last modified: 22 May, 2022, 10:29 am
FILE PHOTO: A shop sign of Hyundai is seen outside a car showroom in Bletchley, Milton Keynes, Britain, May 31, 2020. REUTERS/Andrew Boyers/File Photo/REUTERS
FILE PHOTO: A shop sign of Hyundai is seen outside a car showroom in Bletchley, Milton Keynes, Britain, May 31, 2020. REUTERS/Andrew Boyers/File Photo/REUTERS

Hyundai Motor Group said on Sunday it would invest an additional $5 billion in the United States by 2025 to strengthen collaboration with US firms in advanced technology.

The investments, announced during a visit to Seoul by President Joe Biden, are for robotics, urban air mobility, autonomous driving and artificial intelligence, the group said.

Hyundai Motor Group, which houses Hyundai Motor Co and Kia Corp on Friday announced plans to invest $5.5 billion in Georgia to build electric vehicle (EV) and battery facilities. 

The new investment brings its planned US total through 2025 to about $10 billion, above the $7.4 billion it announced last year.

The world's third-biggest automaker by vehicles sales did not say where in the United States the additional $5 billion would be invested.

"Thanks to Hyundai, we are being part of this transformative automobile sector and accelerating us on a road where we're going to be handing to United States of all electric future," Biden told a news conference.

Standing next to him after a meeting, Hyundai Motor Group executive chair Euisun Chung said, "I am confident that this new plant in Georgia will help us become a leader in the America automobile industry with regards to building high quality electric vehicles for our U.S. customers."

Hyundai's new EV and battery manufacturing facilities will be based in the southern "right to work" state, where labour unions are less prevalent and cannot require workers to join.

Biden, a Democrat, has described himself as the most pro-union president in history. But the deal, announced by Georgia's Republican governor, showed the compromises the president may have to make as he woos investment overseas.

World+Biz / USA

Hyundai / USA

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