Hyundai Motor Group is opening up its checkbook again, this time pledging to invest $5 billion in the United States by 2025. The investment is aimed at strengthening its collaboration with American technology, manufacturing and engineering by Reuters.
The announcement was made by Hyundai Motor Group Chairman Euisun Chung on Sunday during an official visit by President Joe Biden to Seoul, South Korea. The news follows a major announcement by the automaker last Friday, in which it pledged to invest $5.5 billion in a new electric vehicle and battery assembly plant in Georgia. The project, which is expected to start in early 2023, would create around 8,100 jobs in the region in total.
Sunday’s announcement, however, will support the development of key areas for the automaker’s future, specifically robotics, artificial intelligence technologies, advanced air mobility and self-driving capabilities. In a press release, Hyundai says the new sum brings the conglomerate’s total investment in the United States to more than $10 billion, which will help it secure its growth and presence domestically and globally.
These investments will take place largely in the southern, “right to work” states, where the presence of unions is less widespread. Despite this, and as Reuters Highlights, President Biden mentioned the importance of union work – while compromising in order to attract large-scale investment to the United States
“Hyundai and any company investing in the United States would benefit greatly from partnering with some of the most skilled, dedicated and committed workers in the world, anywhere you can find, and those are the members of American unions,” Biden said, per Reuters.
“Each electric vehicle and electric vehicle battery manufacturing company would be strengthened by a collective bargaining relationship with our unions.”
No further details were provided regarding the latest investment, so it’s still unclear in which states or companies the majority of the money will go. That being said, Hyundai has been busy making strides in the robotics space, especially after its purchase of Boston Dynamics (you know those cool Robodogs) in June of last year.
“The group will strengthen its partnership with U.S. public and private entities to deliver innovative mobility products and solutions to our valued customers in the U.S. while supporting global carbon neutral efforts,” said Euisun Chung, Executive Chairman of the Hyundai Motor Group.
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