South Korea-based Hyundai announced that it has decided to invest 5 billion dollars in the USA by 2025 in order to strengthen its cooperation with the USA in technology.US President Joe Biden met with the Chairman of the Board of the South Korean automotive company Hyundai, Euisun Chung, in Seoul, the capital of South Korea. In a statement made by Hyundai after the meeting, it was stated that it has decided to invest an additional 5 billion dollars in the USA by 2025 to strengthen cooperation with US companies in advanced technology. “Thanks to Hyundai, we are becoming a part of the transforming auto industry and accelerating to deliver the all-electric future to the United States,” US President Biden said in a statement.
Hyundai announced last year that it had decided to invest a total of $7.4 billion in the United States until 2025. With the new decision announced today, the total investment cost to the USA has exceeded 10 billion dollars. Hyundai also announced last Friday that it plans to invest $5.5 billion in Georgia to build electric vehicle (EV) and battery facilities.