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Hyundai plans to invest $ 5 billion in US mobility technology

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Hyundai Motor said on Sunday that it plans to invest $ 5 billion in the United States by 2025 to further develop mobility technologies in areas such as autonomous driving, robotics and AI.

This investment is in line with the recent announcement by an automaker that plans to spend $ 5.54 billion to build the first dedicated electric vehicle and battery manufacturing facility in the United States outside Savannah, Georgia. The facility is scheduled to open in the first half of 2025 and is expected to have an annual production capacity of 300,000 units.

The company said about $ 10 billion of new investment will be used to drive Hyundai’s “goal to provide sustainable and smart mobility solutions.”

Hyundai aims to become one of the top three electric vehicle providers in the United States by 2026 and is new to the United States to take advantage of what is expected to be 10 years ahead of exponential growth. It is one of the world’s leading automakers establishing supply chains and production facilities. category.

The company had previously announced plans to sell 3.23 million fully electric vehicles annually worldwide by 2030.

Coupled with the impetus from the Biden administration, companies can also build an electric vehicle supply chain in the United States rather than abroad. Earlier this month, the government announced a $ 3.1 billion plan to promote domestic production of batteries, followed by the president’s enforcement of the Defense Production Act in April to domestically produce the minerals needed to produce batteries for electric vehicles. Encouraged. The White House has set a goal of 50% sales of electric vehicles by 2030.

With this newly announced investment from Hyundai, Hyundai Motor’s executive chair Chung Eui-sun “strengthens partnerships with US public and private companies to create innovative products for our valued US customers. We can provide mobility solutions while supporting global carbon-neutral efforts. ” Said in a statement.

This includes areas such as robotics, advanced air mobility, artificial intelligence, and autonomous driving, the company says.

Hyundai Motor purchased an 80% stake in robot maker Boston Dynamics from Softbank in December 2020. Known for its four-legged dog-like robot spot, the company was worth $ 1.1 billion. Previously funded by Google, Boston Dynamics began commercial sales of its first robot in June 2020.

The car maker is also promoting autonomous driving technology through Motional, a venture with Aptiv, a US-based mobile technology company. Motional is currently testing Robotaxi services on public roads in the United States and plans to launch commercial services in 2023, one of several efforts to bring self-driving cars to roads across the country. is.

Hyundai founded Supernal in November. It aims to develop a family of electric vehicles in the fast-growing advanced air mobility industry. The company said it plans to launch its first commercial flight in 2028.

https://www.cnbc.com/2022/05/22/hyundai-plans-5-billion-investment-in-us-on-mobility-technology.html Hyundai plans to invest $ 5 billion in US mobility technology

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