On the 22nd, Biden and Chung Eui-sun to meet for about 15 minutes at Hyatt
Biden to express gratitude for US investment
Hyundai to explain future business plans in the US
[Asia Economy Reporter Choi Dae-yeol] On the 20th, U.S. President Joe Biden, who is visiting South Korea, will meet with Chung Eui-sun, Chairman of Hyundai Motor Group. Hyundai Motor is expected to announce the construction of an electric vehicle plant in Georgia, USA, worth approximately $7 billion (about 9 trillion KRW) during Biden’s visit.
At the meeting, President Biden is expected to express gratitude for the investment in the U.S. and exchange views with Chairman Chung regarding future projects Hyundai is pursuing in the U.S., such as robotics and autonomous driving.
According to foreign media and political circles on the 20th, President Biden and Chairman Chung are scheduled to hold a meeting on the 22nd at the Grand Hyatt Hotel in Yongsan-gu, Seoul. The meeting is expected to last about 15 minutes.
President Biden is reported to convey his appreciation to Chairman Chung for Hyundai Motor Group’s establishment of the electric vehicle plant in the U.S. According to major foreign media, Hyundai plans to announce the $7 billion electric vehicle plant construction in Georgia before the meeting between President Biden and Chairman Chung. The Associated Press reported that this investment will create 8,500 jobs in Georgia.
Earlier, at CES, the world’s largest electronics exhibition held in January this year, Hyundai announced its goal to increase eco-friendly vehicle sales in the U.S. market to up to 50% by 2030. It also revealed plans to invest $7.4 billion (about 9.4 trillion KRW) in the U.S. by 2025.
The meeting between President Biden and Chairman Chung is also expected to discuss Hyundai Motor Group’s future projects underway in the U.S., including electric vehicles, urban air mobility (UAM), robotics, and autonomous driving.
A Hyundai Motor Group official said, “We are aware of what U.S. government officials have disclosed. If we get to meet, we will explain Hyundai Motor Group’s future projects in the U.S. well.”
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