Hyundai Plans to Invest an Additional $5 Billion in U.S. by 2025

Published on: 24 May 2022 10:08 AM
by KnowESG

Hyundai Motor Group recently announced that it wants to invest $5 billion in the United States by 2025 to advance mobility technologies such as autonomous driving, robots, and artificial intelligence.

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

Hyundai Motor Group, which owns Hyundai and Kia, announced plans to invest $5.5 billion in Georgia to develop electric vehicle (EV) and battery manufacturing facilities.

Biden said, "Hyundai and any company investing in the United States would benefit greatly from entering into partnerships with some of the most highly skilled, dedicated, and engaged workers in the world, anywhere you can find; and that is American union members."

"Every venture to manufacture electric vehicles and electric vehicle batteries would be made stronger by a collective bargaining relationship with our unions."

The latest investment raises the company's total projected investment in the United States to almost $10 billion by 2025, up from $7.4 billion revealed 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.

The automaker announced that it will invest 21 trillion won ($16 billion) in South Korea to build its electric vehicle business until 2030.

Source: CNN