Hyundai will invest $5 billion toward US manufacturing and innovation

The announcement comes after the company said it would build a $5.54 billion EV plant in Georgia.

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Igor Bonifacic
May 22, 2022 7:01 PM
Hyundai executive chairman Euisun Chung shaking hands with US President Joe Biden.
Hyundai

Hyundai will allocate an additional $5 billion toward investments in the US, the automaker announced on Sunday. The funds will support the company’s work in electric vehicles, robotics, air taxis, self-driving cars and artificial intelligence. The announcement follows the recent news that Hyundai plans to build a $5.54 billion electric vehicle plant in Georgia. With that facility included, the automaker intends to invest $10 billion in the US by 2025.

Some of the money will go toward supporting Boston Dynamics, which Hyundai acquired in 2021. The automaker said it is committed to growing the robotics firm by expanding its manufacturing capabilities and product lineup. The company will also support Motional, its Boston-based self-driving unit, by working to make its driverless technology safer and more accessible to customers in the US and other parts of the world.

“The move supports carbon neutrality goals with new technologies and contributes to manufacturing in the US,” Hyundai said in a statement. According to the automaker, its new Georgia plant will produce 300,000 EVs per year once production starts sometime in the first half of 2025. Construction on the facility will begin in early 2023.

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