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.
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.
“Any company investing in Hyundai and the United States will benefit greatly by entering into partnerships with the most skilled, dedicated, and employed employees in the world, wherever you may find; And it is a member of the American Union, “said Biden.
“Every initiative to manufacture electric vehicle and electric vehicle batteries will be strengthened through joint bargaining with our unions.”
Yusun Chung, executive chair of Hyundai Motor Group, did not comment on the US union.
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.
Auto Group said Wednesday it would invest 21 trillion won ($ 16 billion) by 2030 to expand its EV business in South Korea. ($ 1 = 1,273.5900 won)
(Reporting by Trevor Honeycutt, Heckyong Young and Jack Kim; Editing by Bradley Parrett and Lisa Schumacher)