Hyundai Motor Group to invest more than $10 billion in U.S. as much as 2025 By Reuters

© Reuters. Hyundai Motor Group Chairman Euisun Chung provides remarks in addition to U.S. President Joe Biden on the car manufacturer’s choice to construct a brand-new electrical car and battery production center in Savannah, Georgia, as Biden ends his see to Seoul, South K


By Trevor Hunnicutt and Heekyong Yang

SEOUL (Reuters) -Hyundai Motor Group stated on Sunday it would invest an extra $5 billion in the United States by 2025 to reinforce cooperation with U.S. companies in innovative innovation.

The financial investments, revealed throughout a check out to Seoul by President Joe Biden, are for robotics, metropolitan air movement, self-governing driving and expert system, the group stated.

Hyundai Motor Group, which homes Hyundai Motor Co and Kia Corp, on Friday revealed strategies to invest $5.5 billion in Georgia to construct electrical car (EV) and battery centers.

Hyundai’s brand-new EV and battery production centers will be based in the southern “right to work” state, where labour unions are less common and cannot need employees to sign up with.

Biden, a Democrat, has actually explained himself as the most pro-union president in history. But the offer, revealed by Georgia’s Republican guv, revealed the compromises the president might need to make as he charms financial investment overseas.

“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 stated.

“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 did not discuss U.S. unions.

The brand-new financial investment brings its organized U.S. overall through 2025 to about $10 billion, above the $7.4 billion it revealed in 2015.

The world’s third-biggest car manufacturer by cars sales did not state where in the United States the extra $5 billion would be invested.

The automobile group stated on Wednesday it would invest 21 trillion won ($16 billion) through 2030 to broaden its EV company in South Korea.

($1 = 1,273.5900 won)

Hyundai Motor Group to invest $5.5 bln to construct EV and battery centers in U.S.


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