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(LEAD) Hyundai to invest US$5 bln in U.S. for robotics, autonomous driving development

All News 13:11 May 22, 2022

(ATTN: UPDATES with chairman's comments and details in paras 3-9; ADDS photo)

SEOUL, May 22 (Yonhap) -- South Korea's Hyundai Motor Group said Sunday it will invest an additional US$5 billion in the United States for robotics and autonomous driving software development, just a day after announcing a similar size investment to build an electric vehicle plant in the U.S.

Hyundai Motor Group Chairman Euisun Chung made the latest announcement in his meeting with U.S. President Joe Biden, who was in Seoul for his three-day visit.

"Hyundai Motor Group plans to invest an additional $5 billion through 2025, which will strengthen our collaboration with American enterprises in diverse technologies, such as robotics, urban air mobility, autonomous driving and artificial intelligence," the chairman said. "This will enable us to grow into a company that offers better convenience and safety to our customers."

U.S. President Joe Biden guides Hyundai Motor Group Chairman Euisun Chung to the podium for the announcement of an additional investment in the U.S. at the Grand Hyatt Hotel in central Seoul on May 22, 2022. (Yonhap)

Through the investments, the group will provide U.S. customers with innovative products and solutions, and contribute to global carbon neutrality efforts, Chung said.

"We also stand ready to work towards achieving the Biden administration's goal of achieving 40 to 50 percent zero (emission) EV sales in the United States by 2030," he said.

Biden said auto companies, the American United Auto Workers and federal governors all understand the same basic thing that "electric vehicles are good for our climate goals but also good for jobs and good for business."

Asked about details of the planned investments, Hyundai said the company has yet to decide on whether to invest in robotics through Boston Dynamics, Inc. or M&As.

The group acquired the U.S.-based robotics firm Boston Dynamics for $880 million in June last year to strengthen its competitiveness in future mobility solutions.

It didn't provide detailed plans either for investments in other sectors.

The announcement came a day after the South Korean auto giant said it will invest $5.54 billion to build a dedicated electric vehicle and car battery manufacturing plant in the U.S. state of Georgia to further solidify its electrification push in the world's most important automobile market.


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