Hyundai to invest $5 bil. in US for robotics, autonomous driving development

U.S. President Joe Biden and Hyundai Motor Group Chairman Chung Eui-sun shake hands after addressing the press on the automaker's decision to build a new electric vehicle and battery manufacturing facility in Savannah, Georgia, as Biden ended his visit to Seoul, May 22. Reuters-Yonhap

Hyundai Motor Group said Sunday it will invest an additional $5 billion in the United States for robotics and autonomous driving software development, just a day after announcing a similar size investment to build an electric vehicle plant in there.

Group Chairman Chung Eui-sun made the latest announcement in a meeting with U.S. President Joe Biden, who was in Seoul for a three-day visit.

"Hyundai Motor Group plans to invest an additional $5 billion through 2025, which will strengthen our collaboration with American enterprises in diverse technologies, such as robotics, urban air mobility, autonomous driving and artificial intelligence," the chairman said. "This will enable us to grow into a company that offers better convenience and safety to our customers."

Through the investments, the group will provide U.S. customers with innovative products and systems, and contribute to global carbon neutrality efforts, Chung said.

"We also stand ready to work towards achieving the Biden administration's goal of 40 percent to 50 percent zero-emission vehicle sales in the U.S. by 2030," he said.

Biden said auto companies, the American United Auto Workers and federal governors all understand the same basic thing that "electric vehicles are good for our climate goals but also good for jobs and good for business."

Asked about details of the planned investments, Hyundai said the company has yet to decide on whether to invest in robotics through Boston Dynamics, Inc. or M&As.

The group acquired the U.S.-based robotics firm Boston Dynamics for $880 million in June last year to strengthen its competitiveness in future mobility systems.

It didn't provide detailed plans either for investments in other sectors.

The announcement came a day after the South Korean auto giant said it would invest $5.54 billion to build a dedicated electric vehicle and car battery manufacturing plant in the U.S. state of Georgia to further solidify its electrification push in the world's most important automobile market. (Yonhap)

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