November 30, 2022

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

2 min read

Hyundai Motor Team explained on Sunday it would make investments an additional
$5 billion in the United States by 2025 to fortify collaboration
with U.S. companies in innovative engineering, Development reviews citing
Reuters.

The investments, declared in the course of a check out to Seoul by President
Joe Biden, are for robotics, city air mobility, autonomous driving
and artificial intelligence, the group explained.

Hyundai Motor Team, which homes Hyundai Motor Co (005380.KS)
and Kia Corp (000270.KS), on Friday announced strategies to make investments $5.5
billion in Ga to construct electric powered auto (EV) and battery
facilities.

The new financial investment brings its planned U.S. whole as a result of 2025 to
about $10 billion, previously mentioned the $7.4 billion it declared last
year.

The world’s third-most important automaker by vehicles income did not
say where by in the United States the supplemental $5 billion would be
invested.

“Many thanks to Hyundai, we are getting portion of this transformative
auto sector and accelerating us on a street wherever we’re likely
to be handing to United States of all electric powered foreseeable future,” Biden informed
a news conference.

Standing subsequent to him following a assembly, Hyundai Motor Group
govt chair Euisun Chung claimed, “I am self-assured that this new
plant in Ga will help us become a leader in the America
automobile field with regards to creating substantial good quality electric
cars for our U.S. buyers.”

The vehicle team reported on Wednesday it would devote 21 trillion received
($16 billion) by way of 2030 to broaden its EV enterprise in South
Korea.

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