Hyundai Motor Group to invest additional $5 billion in US

In a statement Hyundai Motor Group said, by 2025 it would invest an additional $5 billion in the United States to strengthen its collaboration with U.S. firms in advanced technology.

The investments were announced during US President Joe Biden’s visit to Seoul saying the group will focus on advanced technologies such as urban air mobility, robotics, autonomous driving and artificial intelligence.

Hyundai’s new EV and battery manufacturing facilities will be based in the southern “right to work” state, where labour unions are less prevalent and cannot require workers to join.

Although Biden has described himself as being the most pro-union president in history, his actions, as reflected in this deal, announced by Georgia’s Republican governor, showed compromises he made to woos investment from overseas.

Hyundai Motor Group Executive Chair Euisun Chung did not want to comment on U.S. unions.

Hyundai, the world’s third-biggest automaker by vehicles sales did not say provide a location in the United States where it would invest the additional $5 billion.

Last week on Wednesday, the auto group said, it would invest $16 billion (21 trillion won) through 2030 to expand its EV business in South Korea. 

($1 = 1,273.5900 won)



Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

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