
Hyundai Motor Group Chairman Euisun Chung delivers remarks along with U.S. President Joe Biden on the automaker’s decision to build a new electric vehicle and battery manufacturing facility in Savannah, Georgia, as Biden ends his visit to Seoul, South Korea, May 22, 2022.
15:46 JST, May 22, 2022
SEOUL (Reuters) – 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 to Seoul by President Joe Biden, are for robotics, urban air mobility, autonomous driving and artificial intelligence, the group said.
Hyundai Motor Group, which houses Hyundai Motor Co. and Kia Corp. on Friday announced plans to invest $5.5 billion in Georgia to build electric vehicle (EV) and battery facilities.
The new investment brings its planned U.S. total through 2025 to about $10 billion, above the $7.4 billion it announced last year.
The world’s third-biggest automaker by vehicles sales did not say where in the United States the additional $5 billion would be invested.
“Thanks to Hyundai, we are being part of this transformative automobile sector and accelerating us on a road where we’re going to be handing to United States of all electric future,” Biden told a news conference.
Standing next to him after a meeting, 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 automobile 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. Read full story
Hyundai’s new EV and battery manufacturing facilities will be based in the southern “right to work” state, where labor 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 Georgia’s Republican governor, showed the compromises the president may have to make as he woos investment overseas.
($1 = 1,273.5900 won)
"News Services" POPULAR ARTICLE
-
India Says It Attacked Pakistan, Pakistani Kashmir
-
Japan’s Nikkei Stock Average Ends Higher; NTT Data Surges on Takeover Report (UPDATE 1)
-
Putin Declares 3-Day May Ceasefire to Mark 80 Years Since World War Two Victory
-
Prime Minister Ishiba Reiterates Demand for U.S. Removal of Auto Tariffs
-
Panasonic to Cut 10,000 Employees, Expects to Book $900 Million Reform Costs
JN ACCESS RANKING
-
Rents Mark 30-Year-High Rate of Rise; Decrease in Disposable Income May Dampen Personal Consumption
-
Japanese Govt Mulls Raising Number of Cars to be Imported Under Simplified Screen System in U.S. Tariff Negotiations
-
Japan Must Boost Its ‘Indispensability,’ Urges JETRO Chair; Convince United States That Cooperation Will Be Beneficial
-
Japan Presses U.S. to Scrap 25% Auto Tariffs as Ishiba Refuses Partial Trade Deal; No Deal Without ‘Total Rollback’
-
ADB to Discuss Ending Loans to China Following Demand by U.S., ADB President Says