Hyundai Motor Group to invest more than $10 billion in U.S. up to 2025

Hyundai Motor Group said on Sunday it would invest an additional
$5 billion in the United States by 2025 to strengthen collaboration
with U.S. firms in advanced technology, Trend reports citing
Reuters.

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 (005380.KS)
and Kia Corp (000270.KS), 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 U.S. 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.”

The auto group said on Wednesday it would invest 21 trillion won
($16 billion) through 2030 to expand its EV business in South
Korea.

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