Salem Radio Network News Sunday, July 3, 2022

Business

Hyundai Motor Group to invest $5 billion in U.S. up to 2025

By Heekyong Yang

SEOUL (Reuters) -Hyundai Motor Group said on Sunday it planned to invest an additional $5 billion in the United States to strengthen collaboration with U.S. firms in advanced technology.

The investments will be made by 2025, paying for activities in robotics, urban air mobility, autonomous driving and artificial intelligence, the group said.

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 and battery facilities.

“I 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,” Hyundai Motor Group Executive Chair Euisun Chung told a press conference.

The group is among the world’s five biggest automakers by vehicles sales. It did not say where in the United States the additional $5 billion would be invested.

It made the latest announcement during a visit to South Korea by U.S. President Joe Biden.

(Reporting by Heekyong Yang and Jack Kim; Editing by William Mallard and Bradley Perrett)

Previous
Next

Editorial Cartoons

View More »

Michael Ramirez
Tue, Jun 21, 2022

X CLOSE