Hyundai to invest $10 billion in U.S. towards mobility technology
Hyundai has unveiled plans to make a $10 billion-plus in the US towards electric vehicle manufacturing, robotics, advanced air mobility, AI and self-driving vehicles by 2025.
The announcement comes after US President Joe Biden met with Hyundai’s chairman, Euisun Chung, during his visit to South Korea.
The investment includes Hyundai’s recent announcement that it would invest $5.54 billion into new electric vehicle and battery manufacturing facilities in Georgia. The facility is planned to open at the beginning of 2025 and is expected to have an annual production capacity of 300,000 vehicles.
The new plant will implement Hyundai’s advanced intelligent manufacturing technologies to enable a connected and automated manufacturing system. It will rely on renewable energy sources to power the facility and use emission-reduction technologies.
In its press release, Hyundai said that the increased investment will support the development of key future businesses, including robotics, AI technologies, advanced air mobility (AAM), and autonomous driving capability.
The automaker plans to make use of its 2020 acquisition of robotics company Boston Dynamics to focus on advancing robotics through a range of mobility solutions.
Supernal, a Washington D.C based AAM firm that Hyundai launched last year, will use the investment to work on an app that will help passengers plan their journey, similar to a rideshare platform. This could include taking a car or rail from home to an AAM “vertiport”, riding the electric air vehicle across town and then taking an e-scooter for the last mile. This is targeted to launch in 2028.
In terms of AI technologies, Hyundai plans to increase spending and it is also actively pursuing new business opportunities with local partners to broaden business infrastructure and achieve carbon neutrality.
“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 Biden in Seoul.
“The Group will strengthen our partnership with US public and private entities to offer innovative products and mobility solutions to our valued customers in the US while supporting global carbon neutrality efforts,” added Chung.
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