{"id":127422,"date":"2022-05-22T10:49:43","date_gmt":"2022-05-22T10:49:43","guid":{"rendered":"https:\/\/fin2me.com\/?p=127422"},"modified":"2022-05-22T10:49:43","modified_gmt":"2022-05-22T10:49:43","slug":"hyundai-motor-group-to-invest-more-than-10-billion-in-u-s-up-to-2025","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/hyundai-motor-group-to-invest-more-than-10-billion-in-u-s-up-to-2025\/","title":{"rendered":"Hyundai Motor Group to invest more than $10 billion in U.S. up to 2025"},"content":{"rendered":"

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.<\/p>

Slideshow ( 3 images )<\/span><\/figcaption>

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.<\/p>\n

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.<\/p>\n

The new investment brings its planned U.S. total through 2025 to about $10 billion, above the $7.4 billion it announced last year.<\/p>\n

The world\u2019s third-biggest automaker by vehicles sales did not say where in the United States the additional $5 billion would be invested.<\/p>\n

\u201cThanks to Hyundai, we are being part of this transformative automobile sector and accelerating us on a road where we\u2019re going to be handing to United States of all electric future,\u201d Biden told a news conference.<\/p>\n

Standing next to him after a meeting, Hyundai Motor Group executive chair Euisun Chung said, \u201cI 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.\u201d<\/p>\n

The auto group said on Wednesday it would invest 21 trillion won ($16 billion) through 2030 to expand its EV business in South Korea.<\/p>\n

Hyundai\u2019s new EV and battery manufacturing facilities will be based in the southern \u201cright to work\u201d state, where labour unions are less prevalent and cannot require workers to join.<\/p>\n

Biden, a Democrat, has described himself as the most pro-union president in history. But the deal, announced by Georgia\u2019s Republican governor, showed the compromises the president may have to make as he woos investment overseas.<\/p>\n

($1 = 1,273.5900 won)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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