Hyundai Motor Group announced plans to invest an additional $5 billion in the United States by 2025 to enhance collaboration with U.S. companies in advanced technologies such as robotics, urban air mobility, autonomous driving, and artificial intelligence. This announcement came during President Joe Biden's visit to Seoul.
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Previously, Hyundai had committed $5.5 billion to build electric vehicle
(EV) and battery manufacturing facilities in Georgia. The new facilities will
be located in a state where labor unions are less influential, which contrasts
with Biden's pro-union stance. Despite this, Biden encouraged Hyundai and other
companies investing in the U.S. to partner with American union workers,
highlighting the benefits of such collaborations.
With this latest commitment, Hyundai's planned investments in the U.S. will
total around $10 billion by 2025, surpassing the $7.4 billion previously
announced last year. However, the specific locations for the additional $5
billion investment have not yet been disclosed. Additionally, Hyundai plans to
invest 21 trillion won (approximately $16 billion) in expanding its EV business
in South Korea by 2030.
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