Hyundai Motor Group is to invest more than $5 bln in the US - TopForex.Trade

Hyundai Motor Group is to invest more than $5 bln in the US

Hyundai Motor Group plans to direct $5 billion in the United States by 2025 to tighten collaboration with American companies in advanced technologies.

Hyundai Motor Group is to invest more than $5 bln in the US

The investments, announced during President Joe Biden’s visit to Seoul, are for robotics, urban air transportation, autonomous driving, and artificial intelligence, according to the organization.

Hyundai Motor Group, which includes Hyundai Motor Co and Kia Corp, announced plans to invest $5.5 billion in Georgia to construct electric vehicle (EV) and battery facilities.

Hyundai’s new EV and battery manufacturing facilities will be located in a “right to work” state in the south, where labor unions are less common and cannot be forced to join.

Democratic Vice President Joe Biden has labeled himself as the most pro-union president in history. However, the agreement, announced by Georgia’s Republican governor, demonstrated the compromises the president may have to make in order to attract foreign investment.


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“Hyundai and any other company investing in the United States would profit immensely from forming alliances with some of the most highly talented, dedicated, and engaged workers in the world, everywhere,” Biden said.

“A collective bargaining connection with our unions will strengthen every initiative to manufacture electric automobiles and electric vehicle batteries.”

Hyundai Motor Group Executive Chair Euisun Chung declined to comment on labor unions in the United States.

The latest investment takes its total projected investment in the United States through 2025 to over $10 billion, up from $7.4 billion announced last year.

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


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