Hyundai to invest $5 bn in U.S. by 2025

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Hyundai to invest $5 bn in U.S. by 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.

The investments, announced during a visit by President Joe Biden to Seoul, are for robotics, urban air mobility, autonomous driving and artificial intelligence.

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

The planned U.S. total for 2025 is expected to be $10 billion, above the $7.4 billion it announced last year.

The third-biggest automaker by vehicles sales in the world didn't say where the additional $5 billion would be invested.

Thanks to Hyundai, we are part of this transformative automobile sector and accelerating us on a road where we're going to hand over all electric future to the United States," Biden told a news conference.

After a meeting with 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's automotive 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.

Hyundai's new EV and battery manufacturing facilities will be located in the southern right to work state, where labor unions are less prevalent and can't require workers to join.

Biden, a Democrat, has described himself as the most pro-union president in history. The deal, as announced by Georgia's Republican governor, showed the compromises the president may have to make as he woos investment overseas.