In 3 years, Hyundai to invest over $10 billion in US

Hyundai Motor Group said on Sunday that it will invest an extra $5 billion in the United States by 2025 to deepen advanced technology partnerships 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 organization.

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

The latest investment puts the company’s total projected investment in the United States through 2025 to over $10 billion, up from $7.4 billion disclosed last year.

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

“Thanks to Hyundai, we’re a part of this transformational car industry, and they’re pushing us on a path to handing over an all-electric future to the United States,” Biden said during a press conference.

“I am optimistic that this new facility in Georgia will help us become a leader in the America car industry in terms of creating high quality electric vehicles for our U.S. consumers,” Hyundai Motor Group executive chair Euisun Chung said following a meeting.

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

Hyundai’s new electric vehicle and battery production plants will be located in a southern “right to work” state, where labor unions are less common and workers are not required to join.

Biden, a Democrat, claims to be the most pro-labor president in history. However, the agreement, announced by Georgia’s Republican governor, demonstrated the sacrifices the president may have to make in order to attract foreign investment.

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