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Hyundai Motor said on Sunday it plans to invest $ 5 billion in the U.S. by 2025 to further develop mobile technology in areas such as autonomous control, robotics and artificial intelligence.
The investment comes along with a recent announcement by the automaker of a plan to spend $ 5.54 billion to build the first specialty plant for the production of electric vehicles and batteries in the United States, located outside Savannah, Georgia. The facility is expected to open in the first half of 2025 and is projected to have an annual production capacity of 300,000 vehicles.
About $ 10 billion of new investment will be used to achieve “Hyundai’s goal of providing sustainable and smart mobility solutions,” the company said.
Hyundai aims to become one of the top three suppliers of electric vehicles in the U.S. by 2026 and is one of several global automakers creating new supply chains and manufacturing facilities in America to take advantage of what is expected to be ten years ahead of the exponential growth for category.
Earlier, the company announced a plan to sell 3.23 million all-electric vehicles worldwide annually by 2030.
It also coincides with the Biden administration’s requirement that companies set up supply chains for electric vehicles in the U.S. rather than abroad. Earlier this month, the administration announced a $ 3.1 billion plan to boost domestic battery production, which came after the president used the Defense Manufacturing Act in April to encourage domestic production of minerals needed to make batteries for electric vehicles. The White House has set a target of 50% of electric car sales by 2030.
These recently announced investments from Hyundai will enable it to strengthen its partnership with US public and private organizations to offer innovative products and mobile solutions to our valued customers in the US while supporting global carbon neutrality efforts, ”said Aisun Chung, Executive Chairman of Hyu . , the statement said.
This will include areas such as robotics, advanced air mobility, artificial intelligence and autonomous control, the company said.
Hyundai Motor bought an 80% stake in robot maker Boston Dynamics from Softbank in December 2020. The company, known for its four-legged Spot robot dog, was valued at $ 1.1 billion. Google-funded Boston Dynamics began commercially selling its first robot in June 2020.
The automaker is also promoting driverless technology through Motional, an enterprise created with American mobile technology company Aptive. Motional is currently testing its robot taxi service on U.S. public roads and intends to begin offering commercial services in 2023, which is one of several attempts to put autonomous vehicles on roads across the country.
In November, Hyundai created Supernal, which aims to develop a family of electric air vehicles in the emerging advanced air mobility industry. The company said it plans to launch its first commercial flight in 2028.
