Hyundai Motor Group to invest $5 billion in U.S. up to 2025 By Financial Eye


© Financial Eye. Hyundai Motor Group Chairman Euisun Chung delivers remarks along with U.S. President Joe Biden on the automaker’s decision to build a new electric vehicle and battery manufacturing facility in Savannah, Georgia, as Biden ends his visit to Seoul, South K


By Heekyong Yang

SEOUL (Financial Eye) -Hyundai Motor Group said on Sunday it planned to invest an additional $5 billion in the United States to strengthen collaboration with U.S. firms in advanced technology.

The investments will be made by 2025, paying for activities in robotics, urban air mobility, autonomous driving and artificial intelligence, the group said.

Hyundai Motor Group, which houses Hyundai Motor Co and Kia Corp, on Friday announced plans to invest $5.5 billion in Georgia to build electric vehicle and battery facilities.

“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,” Hyundai Motor Group Executive Chair Euisun Chung told a press conference.

The group is among the world’s five biggest automakers by vehicles sales. It did not say where in the United States the additional $5 billion would be invested.

It made the latest announcement during a visit to South Korea by U.S. President Joe Biden.

Source: Investopedia