Hyundai to invest an additional $5 billion in the US by 2025


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 and Kia, on Friday introduced plans to invest $5.5 billion in Georgia to construct electrical automobile (EV) and battery services.
Hyundai to build $5.5 billion EV and battery plant in the US. Here's whereHyundai to build $5.5 billion EV and battery plant in the US. Here's where

Hyundai’s new EV and battery manufacturing services might be based mostly in the southern “right to work” state, the place labor unions are much less prevalent and can’t require staff to be part of.

Biden, a Democrat, has described himself as the most pro-union president in historical past. But the deal, introduced by Georgia’s Republican governor, confirmed the compromises the president could have to make as he woos funding abroad.

“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 mentioned.

“Every venture to manufacture electric vehicles and electric vehicle batteries would be made stronger by a collective bargaining relationship with our unions.”

Hyundai Motor Group Executive Chair Euisun Chung didn’t touch upon US unions.

The new funding brings its deliberate US complete via 2025 to about $10 billion, above the $7.4 billion it introduced final 12 months.

The world’s third-biggest automaker by automobiles gross sales didn’t say the place in the United States the additional $5 billion could be invested.

The auto group mentioned on Wednesday it could invest 21 trillion gained ($16 billion) via 2030 to develop its EV enterprise in South Korea.



Sources