SEOUL (Reuters) -Hyundai Motor Group stated on Sunday it might make investments an extra $5 billion in the US by 2025 to strengthen collaboration with U.S. companies in superior know-how.
The investments, introduced throughout a go to to Seoul by President Joe Biden, are for robotics, city air mobility, autonomous driving and synthetic intelligence, the group stated.
Hyundai Motor Group, which homes Hyundai Motor Co and Kia Corp, on Friday introduced plans to speculate $5.5 billion in Georgia to construct electrical car (EV) and battery services.
Hyundai’s new EV and battery manufacturing services will likely be based mostly within the southern “proper to work” state, the place labour unions are much less prevalent and can’t require employees to hitch.
Biden, a Democrat, has described himself as probably the most pro-union president in historical past. However the deal, introduced by Georgia’s Republican governor, confirmed the compromises the president could should make as he woos funding abroad.
“Hyundai and any firm investing in the US would profit vastly from getting into into partnerships with a number of the most extremely expert, devoted, and engaged employees on the earth, wherever you could find; and that’s American union members,” Biden stated.
“Each enterprise to fabricate electrical automobiles and electrical car batteries could be made stronger by a collective bargaining relationship with our unions.”
Hyundai Motor Group Govt Chair Euisun Chung didn’t touch upon U.S. unions.
The brand new funding brings its deliberate U.S. complete via 2025 to about $10 billion, above the $7.4 billion it introduced final 12 months.
The world’s third-biggest automaker by automobiles gross sales didn’t say the place in the US the extra $5 billion could be invested.
The auto group stated on Wednesday it might make investments 21 trillion gained ($16 billion) via 2030 to develop its EV enterprise in South Korea.
($1 = 1,273.5900 gained)
Hyundai Motor Group to speculate $5.5 bln to construct EV and battery services in U.S.
Reporting by Trevor Hunnicutt, Heekyong Yang and Jack Kim; Enhancing by Bradley Perrett and Lisa Shumaker
