Hyundai plans to implant $5 billion in mobility technologies such as autonomous driving and robotics
Hyundai Motor announced on Sunday that it plans to invest $5 billion in the U.S. by 2025 to develop different mobility technologies in autonomous driving, robotics, and artificial intelligence.
The investment comes as the automaker recently announced it will 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 anticipatE to open in the first half of 2025. And have an annual production capacity of 300,000 vehicles.
About $10 billion in new investment will be used to “achieve Hyundai’s goal of providing smart. And sustainable mobility solutions,” the company said.
Hyundai aims to become one of the top three E.V. suppliers in the United States by 2026. Also is one of some global automakers. Building new supply chains and manufacturing facilities in America to capitalize on what is expect to be a decade before that exponential growth. Category.
The company previously announced plans to sell 3.23 million electric vehicles worldwide by 2030.
The Biden administration is also under pressure to build electric vehicle supply chains in the United States, not abroad. The government earlier this month announced a $3.1 billion plan to increase local battery production. Followed by the president citing the Defense Manufacturing Act in April to increase domestic production of minerals used in the production of batteries needed for electric vehicles. In addition, the White House has set a goal to sell 50% of electric cars by 2030.
This newly announced investment by Hyundai will allow the company to continue. Its partnership with “U.S. public and private entities to provide innovative products. And mobility solutions to our valued customers in the United States while supporting global carbon neutrality efforts,” said Yishun Chung, CEO of Hyundai Motor.
The company said this includes areas such as robotics, advanced air mobility, artificial intelligence, and autonomous driving.
Hyundai Motor bought an 80% stake in robot maker Boston Dynamics from Softbank in December 2020. The company, best known for its four-legged robot dog Spot, is worth $1.1 billion. Previously funded by Google, Boston Dynamics started selling its first robots on the market in June 2020.