South Korean auto manufacturer Hyundai Motor Group. (KRX: 005380) announced that it will be investing over $10 billion in the United States over the next three years in efforts to strengthen collaboration with U.S. firms in advanced technology.
The announcement was made during the past weekend when U.S President Joe Biden visited South Korea. The company said the investment will be directed in robotics, urban air mobility, autonomous driving and artificial intelligence.
Last week the company revealed it was planning to invest $5.5 billion in Georgia to build electric vehicle (EV) and battery facilities. This investment brings the company’s planned investment in the U.S up to 2025 to around $10 billion which is on a higher side compared to the $7.4 billion it announced last year.
“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,” said the company’s executive CEO, Euisun Chung.
Hyundai failed to reveal where the in the United States the additional $5 billion would be invested.
“Thanks to Hyundai, we are being part of this transformative automobile sector and accelerating us on a road where we’re going to be handing to United States of all electric future,” said President Biden.