Hyundai to invest over $10 billion in the U.S. by 2025

Hyundai Chairman Euisun Chung delivers remarks along with U.S. President Joe Biden on the automaker’s decision to build a new EV and battery manufacturing facility in Savannah, Georgia May 22, 2022. REUTERS/Jonathan Ernst

Hyundai Motor Group announced on Sunday that it will invest an additional $5 billion in the United States by 2025 to strengthen its advanced technology collaboration with American companies.

The investments, which were revealed during President Joe Biden's visit to Seoul, are for robotics, urban air transportation, autonomous driving, and artificial intelligence, according to the group.

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

The latest investment raises the company's total anticipated U.S. expenditures through 2025 to around $10 billion, beyond the $7.4 billion announced last year.

The world's third-largest carmaker by vehicle sales did not specify where the additional $5 billion would be invested in the United States.

Biden stated at a news conference, "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,"

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

On Wednesday, the automaker announced that it will invest 16 billion USD through 2030 to boost its EV business in South Korea.

Hyundai's new electric vehicle (EV) and battery manufacturing facilities will be located in a southern "right to work" state, where union membership is less widespread and cannot be mandated.

Biden, a Democrat, has identified himself as the president who has been the most pro-union in history. However, the contract, which Georgia's Republican governor announced, demonstrated the concessions the president may have to make to attract foreign investment.

Publish : 2022-05-22 19:31:00

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