Hyundai Motor Group, or HMG, today announced it plans to invest more than $10 billion in the U.S. by 2025.
That’s above the $7.5 billion it announced last year, according to Reuters.
The announcement came after U.S. President Joe Biden met with Euisun Chung, executive chair of Hyundai Motor Group, in Seoul, South Korea, on Sunday.
“We have come a long way and become very successful in a short period of time, but we are also preparing for our future,” said Chung. “The group will strengthen our partnership with U.S. public and private entities to offer innovative products and mobility solutions to our valued customers in the U.S. while supporting global carbon-neutrality efforts.”
Seoul-based HMG said it has allocated a series of additional expenditures to foster key future businesses such as robotics, advanced air mobility (AAM), autonomous driving, and artificial intelligence. HMG said the investment will enable it to offer diverse mobility products and services with greater safety and convenience.
HMG said robotics is an essential part of its transformation into a smart mobility solutions provider. Having acquired Boston Dynamics last year, HMG said it has sharpened its focus on advancing robotics to enhance people's lives through a range of mobility solutions.
It said it is committed to the growth of Boston Dynamics by expediting mass production of future products, enhancing its product lineup, and strengthening competitiveness.
Hyundai invests $5.4B in new Georgia facility
Earlier this week, Hyundai disclosed a $5.54 billion plan to establish its first dedicated U.S. electric vehicle (EV) and battery manufacturing facilities in Georgia to build a wide range of new and innovative full electric vehicles for its valued U.S. customers.
The new facility, located on a dedicated 2,923-acre site in Bryan County, Ga., will break ground in early 2023 and is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units.
HMG said the new facility will help it lead the U.S. automotive market's transition and its roadmap to be one of top three EV providers in the U.S. by 2026, helping to grow U.S. innovation and manufacturing.
The new plant will implement many of HMG's advanced intelligent manufacturing technologies, boasting a highly connected, automated, and flexible manufacturing system, which organically connects all elements of the EV ecosystem to realize customer value.
As part of HMG's commitment to sustainability, the plant will mainly rely on renewable energy sources to power the facility and use emission-reduction technologies to meet the RE100 requirements.
HMG said it plans are designed to accelerate innovation and mobility electrification. The move supports carbon-neutrality goals with new technologies and contributes to manufacturing in the U.S, it said.
HMG testing driverless technology
Hyundai said it is also pioneering driverless technologies and responding to rapid paradigm shift in the automotive industry through Motional, a venture established in Boston jointly with the leading U.S. mobility technology firm Aptiv in 2020.
Motional is currently testing its robotaxi service on U.S public roads and plans to begin commercial service in 2023.
HMG said it will actively support Motional to make the driverless technology more safe, reliable, and accessible to customers in the U.S. and other parts of the world.
HMG said it will cooperate with U.S. partners in areas to accelerate the efforts to bring driverless technology into reality.
Supernal helps support advanced air mobility
Hyundai is also developing technologies and infrastructure for advanced air mobility. HMG launched Washington D.C.-based Supernal last year to strengthen its AAM capabilities. Supernal is working to integrate AAM into existing transit networks and shape a seamless intermodal passenger experience.
The vision is for passengers to use a single app – like current rideshare platforms – to plan their journey, which could include taking a car or rail from home to an AAM “vertiport,” riding an electric vertical takeoff and landing (eVTOL) vehicle across town, and then using an e-scooter for the last mile, according to HMG.
With the target of beginning commercial service in 2028, Supernal is collaborating with stakeholders to explore physical and digital infrastructure concepts and secure the right ecosystem for the AAM industry to take off.
To advance all future businesses and strengthen competitiveness in diverse areas within the Group, HMG plans to increase investment into AI technologies while it also actively pursues new business opportunities with local partners to broaden business infrastructure, achieve carbon neutrality, and others.
In addition to the future business enhancement, HMG said it will maintain consistent levels of investment in R&D to continue offering exciting and innovative vehicles from its Hyundai, Kia, and Genesis brands, as well as into expanding and upgrading existing facilities in the U.S.
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