Hyundai To Invest More Than $10B In The U.S. Until 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, Trevor Hunnicutt, Heekyong Yang, and Jack Kim reported for Reuters.

Photo Insert: Euisun Chung, Executive Chair of Hyundai Motor Group, following his meeting with U.S. President Joe Biden today in Seoul, announced the Group's plan to invest more than USD 10 billion in the US by 2025 to secure future growth.

The investments, announced as President Joe Biden visited Seoul, are for robotics, urban air mobility, autonomous driving and artificial intelligence, the group said. The new investment brings its planned US 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.

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.

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.

"Hyundai and any company investing in the United States would benefit greatly from entering into partnerships with some of the most highly skilled, dedicated, and engaged workers in the world, anywhere you can find; and that is American union members," Biden said.

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