South Korea’s Hyundai Motor Group (HMG) plans to invest $10 billion in the US by 2025 to secure its future growth and boost US manufacturing, Kallanish reports.
The carmaker group said Sunday the investment will support its global position as a “first mover” in innovation and next-generation mobility solutions. Other than electric vehicle and battery manufacturing, the investment will cover areas including robotics, artificial intelligence technologies, advanced air mobility (AAM) and autonomous driving capability.
On 20 May, Hyundai Motor confirmed it will build a $5.54 billion EV and battery plant in Bryan County, Georgia. Construction is planned to start early next year and commercial production in H1 2025. At full capacity, the plant will produce 300,000 EVs/year, helping the group to become “one of top three EV providers in the US by 2026,” it adds.
HMG’s first EV-dedicated plant in the US is likely to have secured an incentive package from the state of Georgia, just like US carmaker Rivian did earlier this month. The EV start-up committed to building a $5 billion EV factory near Atlanta to produce 400,000 units/year. First production is planned for late 2024, tied to a $1.5 billion incentive package.
After a meeting with President Joe Biden in Seoul on 22 May, HMG’s chair Euisun Chung said the company is preparing for the future: “The group will strengthen its partnership with US public and private entities to offer innovative products and mobility solutions to our value customers in the US while supporting global carbon neutrality efforts.”
Some projects earmarked to get a financial boost includes the Motional’s driverless robotaxi service and the Supernal’s AAM, such as eVTOL, integration to ride-share platforms.
Last week, HMG announced it will invest $16.5 billion by 2030 to expand its domestic EV business and strengthen its global reach. This includes its first purpose built vehicle (PBV) factory.
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