Home NewsBusiness News Hyundai Motor Group to invest more than $10 billion in U.S. up to 2025

Hyundai Motor Group to invest more than $10 billion in U.S. up to 2025

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Hyundai Motor Group to invest more than $10 billion in U.S. up to 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 strengthen cooperation with U.S. companies on advanced technologies.

The group said the investments were announced during President Joe Biden’s visit to Seoul for robotics, urban air mobility, autonomous driving and artificial intelligence.

Hyundai Motor Group, which owns Hyundai Motor (005380.KS) and Kia (000270.KS), announced on Friday that it plans to invest $5.5 billion in electric vehicle (EV) and battery facilities in Georgia.read more

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Hyundai’s new electric vehicle and battery manufacturing facilities will be located in southern “right to work” states, where unions are less common and workers cannot be required to join.

Democrat Joe Biden has called himself the most pro-union president in history. But the deal announced by Georgia’s Republican governor suggests the president may have to make compromises as he pursues overseas investment.

“Modern and any company investing in the U.S. would greatly benefit from a partnership with some of the most skilled, dedicated and dedicated workers in the world; that is U.S. union members,” Biden said.

“Every business that makes electric vehicles and electric vehicle batteries is stronger through a collective bargaining relationship with our union.”

Euisun Chung, executive chairman of Hyundai Motor Group, did not comment on the U.S. union.

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

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

The auto group said on Wednesday it would invest 21 trillion won ($16 billion) by 2030 to expand its electric vehicle business in South Korea.read more

(1 USD = 1,273.5900 KRW)

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Reporting by Trevor Hunnicutt, Heekyong Yang and Jack Kim; Editing by Bradley Perrett and Lisa Shumaker

Our Standard: The Thomson Reuters Trust Principles.

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