Hyundai Motor Group has committed to investing more than $10bn in the US by 2025 to support the development of key future businesses such as robotics, autonomous driving, advanced air mobility (AAM), and artificial intelligence (AI).
The South Korean automaker said that the investment aims to advance its goal to lead sustainable and smart mobility solutions in the country.
Hyundai Motor said that the investment plans are designed to expedite innovation and mobility electrification. Through the investment, the company will support carbon neutrality goals with new technologies, besides contributing to manufacturing in the US.
The group will also spend the money for exploring new business areas in the US.
Additionally, it will sustain consistent levels of investment in research and development (R&D) to continue offering innovative vehicles from its Hyundai, Kia, and Genesis brands. The group also plans to expand and upgrade existing facilities in the US.
The investment announcement was made during US President Joe Biden’s visit to Seoul, South Korea.
Hyundai Motor Group executive chair Euisun Chung said: “We have come a long way and become very successful in a short period of time, but we are also preparing for our future.
“The Group will strengthen our partnership with U.S. public and private entities to offer innovative products and mobility solutions to our valued customers in the U.S. while supporting global carbon neutrality efforts.”
According to Biden, the South Korean group will invest $5bn in the US for advanced automotive technology.
Last week, the automaker announced an investment of $5.5bn to build its first full electric vehicle (EV) and battery manufacturing facilities in the US, which will be located in Georgia.
Hyundai Motor aims to produce 300,000 units of EVs per year at the new EV facility, which will break ground in early 2023.
The battery manufacturing facility in Georgia will be set up via a strategic partnership, said the Korean group. Details for the same will be disclosed by it at a later stage.
Last year, Hyundai Motor announced an investment of $7.4bn in the US by 2025 to promote future mobility. This includes manufacturing EVs and offering smart mobility solutions.
