Hyundai Invests $5B in US Operations for AI, ‘Urban Air Mobility’
If it’s got to do with future technologies, Hyundai’s investing in it.
Hyundai Motor Group is opening its checkbook once again, this time promising to invest $5 billion in the United States by 2025. The investment aims to strengthen its collaboration with U.S. tech, manufacturing, and engineering companies, per Reuters.
The announcement was made Sunday by Hyundai Motor Group Chairman Euisun Chung during an official visit by President Joe Biden to Seoul, South Korea. The news follows a significant announcement by the automaker last Friday, in which it committed to invest $5.5 billion in a new EV and battery assembly facility in Georgia. The project, which is expected to break ground in early 2023, will reportedly create around 8,100 area jobs total.
Sunday's announcement, however, will support the development of key areas for the automaker's future, more specifically robotics, AI technologies, advanced air mobility, and autonomous driving capabilities. In a press release, Hyundai claims that this new sum brings the conglomerate's total investment in the U.S. to over $10 billion, which will help it secure its growth and presence domestically and globally.
These investments will largely take place in southern, "right to work" states, where the presence of labor unions is less prevalent. Despite this, and as Reuters highlights, President Biden mentioned the importance of union labor—while compromising in order to lure large-scale investments to the U.S.
"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 said, per Reuters.
"Every venture to manufacture electric vehicles and electric vehicle batteries would be made stronger by a collective bargaining relationship with our unions."
No additional details were offered regarding the newest investment, so it's still unclear in which states or companies the majority of the money will be put to work. That being said, Hyundai has been busy making moves in the robotics sector, especially after its purchase of Boston Dynamics (you know, those cool Robodogs) in June of last year.
“The Group will strengthen our partnership with U.S. public and private entities to offer innovative products and mobility solutions to our valued customers in the U.S. while supporting global carbon neutrality efforts," said Euisun Chung, Executive Chair of Hyundai Motor Group.
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