Hyundai Motor Group to invest over $10 billion in US through 2025

SEOUL, May 22 (Reuters) – Hyundai Motor Group said on Sunday it will invest an additional $5 billion in the United States by 2025 to boost collaboration with U.S. companies in cutting-edge technologies.

The investments, announced during a visit to Seoul by President Joe Biden, relate to robotics, urban air mobility, autonomous driving and artificial intelligence, the group said.

Hyundai Motor Group, home to Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), on Friday announced plans to invest $5.5 billion in Georgia to build electric vehicles (EVs) and facilities of batteries. Read more

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The new investment brings its projected U.S. total through 2025 to about $10 billion, up from the $7.4 billion announced last year.

The world’s third-largest automaker by vehicle sales did not say where in the United States the additional $5 billion would be invested.

“Thanks to Hyundai, we are part of this transforming automotive sector and are accelerating down a road where we will hand over to the United States an all-electric future,” Biden said at a press conference.

Standing next to him after a meeting, Hyundai Motor Group Executive Chairman Euisun Chung said, “I am confident that this new plant in Georgia will help us become a leader in the American automotive industry when it comes to building high-quality electric vehicles for our US customers. .”

The automaker said on Wednesday it would invest 21 trillion won ($16 billion) through 2030 to expand its electric vehicle business in South Korea. Read more

Hyundai’s new electric vehicle and battery manufacturing facilities will be based in the southern “right to work” state, where unions are less prevalent and cannot require workers to join.

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

($1 = 1,273.5900 won)

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Reporting by Trevor Hunnicutt, Heekyong Yang and Jack Kim; Editing by William Mallard and Bradley Perrett

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