Hyundai announced investments in new EV production plants and the development of technologies such as autonomous driving, etc. in the US.
Hyundai Motor said yesterday it plans to invest $5 billion in the U.S. by 2025 to further develop its technologies in areas such as autonomous driving, robotics and AI.
The announcement of this investment comes shortly after the company announced a $5.54 billion spending plan to build its first dedicated electric vehicle and battery in the U.S.outside Savannah, Georgia. That facility is expected to open in the first half of 2025 and is projected to have an annual production capacity of 300,000 vehicles. The company says the new plant will bring about 8,100 new jobs.
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The company did not specify which EV models will be built at the factory, and did not reveal many details about the battery manufacturing facilities.
According to Hyundai, approximately $10 billion of these new investments will be used to advance thecompany's "goal to provide sustainable and smart mobility solutions."
The well-known automaker wants to be one of the top three providers of electric vehicles in the US by 2026 and is now joining the list of global automakers that are creating new production facilities and supply chains in America.
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According to the company's president, Euisun Chung, these newly announced investments by Hyundai will allow it to strengthen its collaboration with American public and private entities to offer its innovative products and solutions to valued customers in the US, while supporting global efforts to reduce carbon emissions.
As we said above, investments are related to the development of sectors such as robotics, artificial intelligence and autonomous driving.
Hyundai Motor has been heavily involved in these areas in recent years. It bought an 80% stake in robot maker Boston Dynamics in December 2020. The company, known for its four-legged dog-like robot Spot, was previously funded by Google and began selling its first robot commercially in June 2020.
The automaker is also pushing technology driverless, and last November it founded Supernal, which aims to develop electric aerial vehicles. The company said it plans to launch its first commercial flight in 2028.
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As mentioned above, other companies besides Hyundai have announced investments in electric vehicle factories in the US. Toyota is building a battery plant in North Carolina, and GM plans to bring its third EV battery plant to Michigan. Stellantis, the company that owns Jeep, Dodge, and Chrysler, is also expected to build an EV factory somewhere in the US, but the location has not yet been confirmed. Similarly, Ford and battery maker SK Innovation are bringing new factories to Tennessee and Kentucky. Finally, Tesla already has several factories dedicated to battery and electric vehicle production in the US, and just opened another one in Austin, Texas last month.
Source: www.cnbc.com
