Hyundai Motor Group Increases US Investment as the Group Targets Innovation and Mobility Leadership

Rhea-AI Summary

Hyundai Motor Group (HMG) plans to invest over USD 10 billion in the U.S. by 2025, enhancing its leadership in sustainable and smart mobility solutions. This investment reflects HMG's commitment to innovation and manufacturing in the U.S., supporting the carbon neutrality goals through advanced technologies.

On May 20, HMG announced a USD 5.54 billion facility in Georgia, aimed at producing electric vehicles and batteries. The facility, spanning 2,923 acres, will start production in 2025, targeting an annual capacity of 300,000 units.

Positive

• Investment of over USD 10 billion indicates commitment to the U.S. market.
• New USD 5.54 billion facility in Georgia will enhance EV manufacturing.
• Target to produce 300,000 units annually supports EV market leadership.

Negative

• None.

• HMG to invest more than USD 10 billion in US by 2025 to lead future mobility solutions
• Investment to support HMG global position as first mover in innovation and next-generation mobility solutions; to contribute to U.S. manufacturing
• HMG on May 20 announced a USD 5.54 billion new EV & battery manufacturing facilities in Georgia, to lead electrification era in the US
• HMG investment will support development of key future businesses, including robotics, AI technologies, advanced air mobility and autonomous driving capability

SEOUL, South Korea, May 23, 2022 /PRNewswire/ -- Hyundai Motor Group (HMG) is increasing its investment to more than USD 10 billion by 2025 to further its goal to lead sustainable and smart mobility solutions in the U.S.

 

The Group's investment plans are designed to accelerate innovation and mobility electrification. The move supports carbon neutrality goals with new technologies and will contribute to manufacturing in the U.S.

"We have come a long way and become very successful in a short period of time, but we are also preparing for our future," said Euisun Chung, Executive Chair of Hyundai Motor Group, following his meeting with U.S. President Joe Biden in Seoul on May 22^nd. "The Group will strengthen our partnership with U.S. public and private entities to offer innovative products and mobility solutions to our valued customers in the U.S. while supporting global carbon neutrality efforts," added Chung.

This follows the announcement last week in which Hyundai Motor Group disclosed a USD 5.54 billion plan to establish its first dedicated U.S. EV and battery manufacturing facilities in the State of Georgia to build a wide range of innovative electric vehicles for its U.S. customers.

The new facility, located on a dedicated 2,923-acre site in Bryan County, Georgia, will break ground in early 2023 and is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The new facility will help HMG lead the U.S. auto market's EV transition and the Group's roadmap to be one of top three EV providers in the U.S. by 2026, helping to grow U.S. innovation and manufacturing.

The new plant will implement many of HMG's advanced intelligent manufacturing technologies, boasting a highly connected, automated, and flexible manufacturing system, which organically connects all elements of the EV ecosystem to realize customer value. As part of the Group's commitment to sustainability, the plant will mainly rely on renewable energy sources to power the facility and use emission-reduction technologies to meet the RE100 requirements. 

As one of the global leaders in innovation, HMG has allocated a series of additional expenditure to foster key future businesses such as robotics, advanced air mobility (AAM), autonomous driving, and artificial intelligence (AI). The investment will enable HMG to offer diverse mobility products and services with greater safety and convenience.

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SOURCE Hyundai Motor Group

FAQ

What is Hyundai Motor Group's investment plan for the U.S. by 2025?

Hyundai Motor Group plans to invest over USD 10 billion in the U.S. by 2025.

When was Hyundai's new EV manufacturing facility announced?

The new EV manufacturing facility was announced on May 20, with an investment of USD 5.54 billion.

Where is Hyundai's new EV and battery manufacturing facility located?

The facility is located in Georgia, specifically in Bryan County.

What capacity will Hyundai's Georgia facility have?

The Georgia facility is expected to have an annual production capacity of 300,000 units.

When is the expected production start date for the new facility?

Commercial production at the new facility is expected to begin in the first half of 2025.