Insight

Hyundai Motor Group to invest more than $10 billion in U.S. up to 2025

By Trevor Hunnicutt and Heekyong Yang

SEOUL (Reuters) -Hyundai Motor Group mentioned on Sunday it might make investments a further $5 billion in america by 2025 to strengthen collaboration with U.S. companies 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 and Kia Corp, on Friday introduced plans to take a position $5.5 billion in Georgia to construct electrical automobile (EV) and battery amenities.

Hyundai’s new EV and battery manufacturing amenities will likely be primarily based within the southern “proper to work” state, the place labour unions are much less prevalent and can’t require staff to hitch.

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

“Hyundai and any firm investing in america would profit significantly from coming into into partnerships with a few of the most extremely expert, devoted, and engaged staff on the earth, anyplace you could find; and that’s American union members,” Biden mentioned.

“Each enterprise to fabricate electrical automobiles and electrical automobile batteries could be made stronger by a collective bargaining relationship with our unions.”

Hyundai Motor Group Government Chair Euisun Chung didn’t touch upon U.S. unions.

The brand 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 america the extra $5 billion could be invested.

The auto group mentioned on Wednesday it might make investments 21 trillion gained ($16 billion) by means of 2030 to broaden its EV enterprise in South Korea.

($1 = 1,273.5900 gained)

Hyundai Motor Group to take a position $5.5 bln to construct EV and battery amenities in U.S.

(Reporting by Trevor Hunnicutt, Heekyong Yang and Jack Kim; Enhancing by Bradley Perrett and Lisa Shumaker)



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