Hyundai Motor Group announces another $5 Billion investment in U.S. ventures

During a visit to Seoul this weekend, President Joe Biden met with South Korea-based Hyundai Motor Group and announced another $5 billion to its planned investment in the United States. The investment will reportedly go towards “robotics, urban air mobility, autonomous driving, and artificial intelligence.”

While not much information was provided about the additional investment, Hyundai Motor Group finalized its purchase of Boston Dynamics in June of last year, and it is expected that the new investment will work towards advancing the robotics firm’s progress. 

Two days earlier, Hyundai Motor Group officially confirmed it would be investing $5.5 billion into building Georgia-based electric vehicle and EV battery manufacturing facilities. Biden has continuously praised the shift to EVs but has pushed for unions, which are less prevalent in Georgia than in other states. 

Speaking about the investment in Georgia this weekend, Biden said, “Hyundai and any company investing in the United States would benefit greatly from entering into partnerships with some of the most highly skilled, dedicated, and engaged workers in the world, anywhere you can find; and that is American union members.”

This weekend’s announcement brings Hyundai Motor Group’s investment in the U.S. to over $10 billion. Biden said this weekend that partnering with South Korea for ventures like this will “bring our two countries even closer together, cooperating even more closely than we already do, and help strengthen our supply chains, secure them against shocks and give our economies a competitive edge.”

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