The company said it will invest $5 billion in the U.S. by the year 2025.
The announcement of the plan to spend $5.54 billion to build its first dedicated electric vehicle and battery manufacturing facilities in the U.S. was accompanied by the investment. The facility is expected to open in the first half of the 20th century and will have an annual production capacity of 300,000 vehicles.
The company said that $10 billion of new investment will be used to provide sustainable and smart mobility solutions.
In order to be one of the top three electric vehicle providers in the U.S. by the year 2026, the company is establishing new supply chains and production facilities in America.
The company had announced a plan to sell more than 3 million electric vehicles a year by the year 2030.
The Biden administration is pushing for electric vehicle supply chains to be set up in the U.S. as opposed to overseas. The president invoked the Defense Production Act in April to encourage domestic production of minerals that are required to make electric vehicle batteries, after the administration announced a $3.1 billion plan to boost the domestic manufacturing of batteries. The White House has a goal of 50% electric vehicle sales by the year 2030.
The partnership with the U.S. public and private entities will be strengthened by this investment fromHyundai.
The company said that it will include areas like artificial intelligence and self-driving cars.
Boston Dynamics, which makes a four-legged dog-like robot Spot, was valued at over $1 billion after the acquisition of an 80% stake from Softbank. Boston Dynamics started selling its first robot in June 2020.
Motional is a venture formed with a U.S.-based mobile technology company. Motional is currently testing its service on public roads in the U.S., and plans to offer commercial service in 2023.
Supernal was formed byHyundai in November to develop a family of electric air vehicles. The company said it will have its first commercial flight in the year 2028.
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