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Hyundai Motor said on Sunday it plans to invest $ 5 billion in the U.S. by 2025 to further develop mobile technology in areas such as autonomous control, robotics and artificial intelligence.
The investment comes along with the latest carmakers ad plan to spend $ 5.54 billion to set up the first specialty plant for the production of electric cars and batteries in the United States, located outside Savannah, Georgia. The facility is expected to open in the first half of 2025 and is projected to have an annual production capacity of 300,000 vehicles.
About $ 10 billion of new investment will be used to achieve “Hyundai’s goal of providing sustainable and smart mobility solutions,” the company said.
Hyundai aims to become one of the top three suppliers of electric vehicles in the US by 2026 and is one of several global automakers creating new supply chains and manufacturing facilities in America to take advantage of what is expected to be decade ahead of the exponential growth of the category.
The company had previously announced the plan by 2030, sell 3.23 million all-electric vehicles worldwide.
It also coincides with the Biden administration’s requirement that companies set up supply chains for electric vehicles in the U.S. rather than abroad. Earlier this month, the administration announced a $ 3.1 billion plan intensify domestic battery productionwhich occurred after the president referred to the Defense Manufacturing Act in April stimulate domestic production minerals needed to make batteries for electric vehicles. The White House has set a goal 50% of electric car sales until 2030.
These recently announced investments from Hyundai will enable it to strengthen its partnership with US public and private organizations to offer innovative products and mobile solutions to our valued customers in the US while supporting global carbon neutrality efforts, ”said Aisun Chung, Executive Chairman of Hyu . , the statement said.
This will include areas such as robotics, advanced air mobility, artificial intelligence and autonomous control, the company said.
Hyundai Motor bought 80% of the shares in robotics maker Boston Dynamics of Softbank in December 2020, the company, known for its four-legged canine robot Spot, was valued at $ 1.1 billion. Google-funded Boston Dynamics began commercially selling its first robot in June 2020.
The automaker is also promoting driverless technology through Motional, an enterprise created with American mobile technology company Aptive. Motional is currently testing its robotics service on U.S. public roads and intends to begin offering commercial services in 2023, which is one of several attempts deliver autonomous cars to roads across the country.
In November, Hyundai formed the Supremewhich aims to develop the family of electric air vehicles in the developing advanced air mobility industry. The company said it plans to launch its first commercial flight in 2028.