SEOUL, May 22 (Reuters) – Hyundai Motor Group mentioned on Sunday it might invest a further $5 billion in the United States by 2025 to strengthen collaboration with U.S. corporations in superior expertise.
The investments, introduced throughout a go to to Seoul by President Joe Biden, are for robotics, city air mobility, autonomous driving and synthetic intelligence, the group mentioned.
Hyundai Motor Group, which homes Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), on Friday introduced plans to invest $5.5 billion in Georgia to construct electrical car (EV) and battery services. learn more
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The new funding brings its deliberate U.S. whole by means of 2025 to about $10 billion, above the $7.4 billion it introduced final yr.
The world’s third-biggest automaker by automobiles gross sales didn’t say the place in the United States the extra $5 billion can 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 informed a information convention.
Standing subsequent to him after a gathering, Hyundai Motor Group govt chair Euisun Chung mentioned, “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 mentioned on Wednesday it might invest 21 trillion gained ($16 billion) by means of 2030 to increase its EV enterprise in South Korea. learn more
Hyundai’s new EV and battery manufacturing services will likely be primarily based in the southern “right to work” state, the place labour unions are much less prevalent and can’t require staff to be a part of.
Biden, a Democrat, has described himself as probably the most pro-union president in historical past. But the deal, introduced by Georgia’s Republican governor, confirmed the compromises the president might have to make as he woos funding abroad.
($1 = 1,273.5900 gained)
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Reporting by Trevor Hunnicutt, Heekyong Yang and Jack Kim; Editing by William Mallard and Bradley Perrett
Our Standards: The Thomson Reuters Trust Principles.
Hyundai Motor Group to invest more than $10 billion in U.S. up to 2025 & More Latest News Update
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