Hyundai Motor Group increases U.S. investment by more than USD $10B
by CM Staff
The Group's investment plans are designed to accelerate innovation and mobility electrification.
SEOUL — Hyundai Motor Group (HMG) is increasing its investment to more than USD 10 billion by 2025 to try and further its goal to lead sustainable and smart mobility solutions in the U.S.
The Group’s investment plans are designed to accelerate innovation and mobility electrification. The move supports carbon neutrality goals with new technologies and will contribute to manufacturing in the U.S.
“We have come a long way and become very successful in a short period of time, but we are also preparing for our future,” said Euisun Chung, Executive Chair of Hyundai Motor Group, following his meeting with U.S. President Joe Biden in Seoul on May 22nd. “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,” added Chung.
This follows the announcement last week in which Hyundai Motor Group disclosed a USD 5.54 billion plan to establish its first dedicated U.S. EV and battery manufacturing facilities in the State of Georgia to build a wide range of electric vehicles for its U.S. customers.
The new facility, located on a dedicated 2,923-acre site in Bryan County, Georgia, will break ground in early 2023 and is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units.
As part of the Group’s commitment to sustainability, the plant will mainly rely on renewable energy sources to power the facility and use emission-reduction technologies to meet the RE100 requirements.
HMG has allocated a series of additional expenditure to foster key future businesses such as robotics, advanced air mobility (AAM), autonomous driving, and artificial intelligence (AI). The investment will enable HMG to offer diverse mobility products and services with greater safety and convenience.