Hyundai Motor Group to Invest More Than  Billion in the United States by 2025

Hyundai Motor Group to Invest More Than $10 Billion in the United States by 2025

Hyundai Motor Group said on Sunday it would invest an additional $5 billion in the United States by 2025 to boost partnerships with high-tech companies in the United States.

The investments announced during President Joe Biden’s visit to Seoul are earmarked for robotics, urban air mobility and artificial intelligence, the group said.

Hyundai Motor Group, where Hyundai Motor Co. (005380.KS) and Kia Corporation: (000270.KS) are located , announced plans on Friday to invest $5.5 billion in Georgia to build electric (EV) batteries.

Hyundai’s battery-powered startups will be based in the southern “labor rights” state, where unions are less common and employees can’t be required to join.

Democrat Biden has described himself as the most pro-union president in history. However, the agreement announced by the Republican governor of Georgia showed what compromises the president can make when he invests abroad.

“Hyundai and any company that invests in the United States will greatly benefit from partnering with the world’s most skilled and dedicated employees, wherever they are, they are members of the American union,” Biden said.

“Every company that produces electric cars and batteries for electric cars will become stronger as a result of collective bargaining with our unions.”

Hyundai Motor Group CEO Ewisun Chung did not comment on the US unions.

The new investment brings the total planned US budget to about $10 billion by 2025, up from $7.4 billion announced last year.

The world’s third-largest automaker has not indicated where the additional $5 billion will be invested in the United States.

The automaker announced Wednesday that it will invest 21 trillion won ($16 billion) by 2030 to expand its electric business in South Korea.

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