Innovation

Hyundai Commits an Additional $5 Billion to US Innovation and Manufacturing Efforts

26 August 2024

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Zaker Adham

Summary

Hyundai has announced a significant $5 billion investment in the United States, aimed at advancing its work in electric vehicles (EVs), robotics, air taxis, autonomous driving, and artificial intelligence.

This new commitment comes on the heels of the automaker's recent plan to establish a $5.54 billion EV plant in Georgia, bringing Hyundai's total planned US investment to $10 billion by 2025.

A portion of this investment will be directed toward Boston Dynamics, the robotics company Hyundai acquired in 2021. Hyundai is dedicated to enhancing Boston Dynamics' manufacturing capabilities and expanding its product offerings. Additionally, Hyundai plans to support Motional, its autonomous driving division based in Boston, to improve the safety and accessibility of driverless technology in the US and beyond.

Hyundai's statement emphasized that this move aligns with its carbon neutrality goals through the development of new technologies while also contributing to manufacturing growth within the United States. The upcoming Georgia plant is expected to begin production in the first half of 2025, with an annual output of 300,000 EVs. Construction of the facility is set to start in early 2023.