"Additional $5 Billion Investment in the US"... Chung Eui-sun Presents Investment Gift to Biden (Update)

Chairman Chung Eui-sun to Meet Biden at Hyatt on the Morning of the 22nd
Over $10 Billion Including $5.5 Billion for U.S. EV Plant Announced the Day Before

During his visit to Korea, U.S. President Joe Biden is shaking hands with Chung Eui-sun, Chairman of Hyundai Motor Group, during a meeting at the Grand Hyatt Hotel in Yongsan-gu, Seoul, on the morning of the 22nd.

[Asia Economy Reporter Choi Dae-yeol] Chung Eui-sun, Chairman of Hyundai Motor Group, announced at a press conference following a meeting with U.S. President Joe Biden on the 22nd that "we have decided to invest an additional $5 billion (approximately 6.3 trillion KRW) to collaborate with American companies in various fields such as robotics, urban air mobility (UAM), autonomous driving, and artificial intelligence."

Earlier, Hyundai Motor Group announced the day before that it would invest $5.5 billion to build an electric vehicle-only factory in the state of Georgia, USA. Separately, the group plans to invest an additional $5 billion in various fields directly or indirectly related to future mobility. Last year, Hyundai Motor Group had committed to investing $7.4 billion in the U.S. by 2025, and this announcement increases the scale of that investment.

As Hyundai Motor Group is actively conducting research and development and business initiatives related to the future automobile industry, the U.S. is considered an important hub. The group operates the joint venture Motional with the American autonomous driving startup Aptiv, and has established a local corporation, Supernal, for UAM to pursue diverse business activities. Last year, Chairman Chung personally participated in the investment to acquire the local robotics company Boston Dynamics for 1 trillion KRW, together with Hyundai Motor and Hyundai Mobis.

With the U.S. government actively encouraging investment in eco-friendly future mobility, Chairman Chung’s announcement of additional investment plans appears to be a response to this encouragement. President Biden, who appeared at the press conference alongside Chairman Chung, stated, "Hyundai Motor Group has decided to invest more than $10 billion in U.S. manufacturing and the automotive industry," adding, "(This investment) will create more than 8,000 jobs and construction of the (electric vehicle factory) will begin in January next year."