Seoul – Hyundai Motor Group said on Sunday it would invest an additional 5 billion in the United States by 2025 to strengthen cooperation with US companies in advanced technology.
The group said the investments announced during President Joe Biden’s visit to Seoul were for robotics, urban air mobility, autonomous driving and artificial intelligence.
Hyundai Motor Group, which includes Hyundai Motor Co and Kia Corp, on Friday announced plans to invest $ 5.5 billion to build electric vehicles (EVs) and battery facilities in Georgia.
The new investment brings its planned U.S. total to মোট 10 billion by 2025, up from the 7.4 billion announced last year.
The world’s third-largest automaker in terms of vehicle sales did not say where the additional $ 5 billion would be invested in the United States.
“Thanks to Hyundai, we have become part of this transformative automobile sector and are accelerating us on a road where we are going to hand over all the electric future to the United States,” Biden told a news conference.
Standing next to him after a meeting, Hyundai Motor Group Executive Chair Usun Chung said, “I am confident that this new plant in Georgia will help us lead the American automobile industry in building high quality electric vehicles for our U.S. customers. “
Auto Group said Wednesday it would invest 21 trillion won ($ 16 billion) by 2030 to expand its EV business in South Korea.
Hyundai’s new EV and battery manufacturing facilities will be based in the southern “right to work” state, where trade unions are less common and do not require workers to join.
Biden, a Democrat, described himself as the most pro-union president in history. However, the agreement announced by the Republican governor of Georgia shows that the president may have to compromise on foreign investment. (1 = 1,273.5900 won) (Reporting by Trevor Hunikat, Heckyong Young and Jack Kim; Editing by William Mallard and Bradley Parrett)