Hyundai plans $5 billion investment in U.S. on mobility technology such as autonomous driving and robotics
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- 23 May 2022
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Hyundai Motor said on Sunday it plans to invest $5 billion in the U.S. by 2025 to further develop mobility technologies in areas like autonomous driving, robotics, and A.I.
The investment comes alongside the automaker’s recent announcement of a plan to spend $5.54 billion to build its first dedicated electric vehicle and battery manufacturing facilities in the U.S., located outside of Savannah, Georgia. That facility is expected to open during the first half of 2025 and is projected to have an annual production capacity of 300,000 vehicles.
Some $10 billion of new investment will be used to further Hyundai’s “goal to provide sustainable and smart mobility solutions,” the company said.
Hyundai is aiming to be one of the top three electric vehicle providers in the U.S. by 2026 and is one of several global automakers establishing new supply chains and production facilities in America to take advantage of what is expected to be a decade ahead of exponential growth for the category.
The company had previously announced a plan to sell 3.23 million fully electric vehicles worldwide annually by 2030.
It also dovetails with a push from the Biden administration to have companies set up electric vehicle supply chains in the U.S. as opposed to overseas. The administration announced a $3.1 billion plan earlier this month to boost the domestic manufacturing of batteries, which followed the president invoking the Defense Production Act in April to encourage domestic production of minerals that are required to make electric vehicle batteries. The White House has set a goal of 50% electric vehicle sales by 2030.
This newly announced investment from Hyundai will allow it to strengthen its 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,” Euisun Chung, executive chair of Hyundai Motor, said in a statement.
That will include areas like robotics, advanced air mobility, artificial intelligence, and autonomous driving, the company said. Read More…
