Hyundai Motor Group Chairman Chung Eui-sun met with US President Joe Biden while he was visiting Korea and announced that he would invest an additional $5 billion in the US.
The fields that Chairman Chung decided to invest in include robotics, urban air mobility (UAM), autonomous driving software, and artificial intelligence.
On May 22, Chairman Chung made this statement after meeting with President Biden at the Hyatt Hotel in Hannam-dong, Yongsan-gu, Seoul.
On the previous day, Hyundai Motor Company announced a plan to invest $5.5 billion in the state of Georgia in the US to create an electric vehicle production base.
As a result, the investment promised by Hyundai during President Biden's visit to Korea amounts to a total of $10.5 billion, including the construction of an electric vehicle plant in Georgia.
“We will invest an additional $5 billion in future industries such as robotics in the United States by 2025,” Chairman Chung said in an English speech on the same day. "Through this investment, Hyundai Motor Group will grow into a company that provides greater convenience and safety to consumers."
“Hyundai Motor Group will provide innovative products and solutions to American consumers and contribute to carbon neutrality,” he added. "We are ready to meet the Biden administration's goal of 50% green car share by 2030."
In response, President Biden thanked Chairman Chung for making a large-scale investment. President Biden, referring to the US government's support for eco-friendly vehicles and batteries, said, "Thank you for choosing America, and the United States will not disappoint Hyundai."
