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Hyundai plans $5 billion investment in U.S. on mobility technology

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Drew Angerer | Getty Images News | Getty Images

Hyundai Motor stated on Sunday that they plan to invest $5 billion to the U.S. in mobility technology areas such as robotics and autonomous driving.

This investment is in addition to recent investments by the automaker. announcement of a plan to spend $5.54 billion to build its first dedicated electric vehicle and battery manufacturing facilities in the U.S., located outside of Savannah, Georgia. The facility will be open in the first half 2025. It is estimated to produce 300,000.

Hyundai announced that $10 billion will be invested to support its goal of “providing smart and sustainable mobility solutions.”

Hyundai wants to be among the three top electric vehicle provider in America by 2026. This is why it is joining a number of global automakers who are establishing supply chains in America and producing facilities there to benefit from what is predicted to be a boom in electric vehicles. decade ahead of exponential growth for the category.

It had previously announced a plan to sell 3.23 million fully electric vehicles worldwide annually by 2030.

This also aligns with the Biden administration’s push to encourage companies to set up supply chains for electric vehicles in America, rather than overseas. An earlier announcement by the administration was made this month about a $3.1 million plan. boost the domestic manufacturing of batteriesThis was in response to the President invoking Defense Production Act (April) encourage domestic production of minerals that are required to make electric vehicle batteries. White House sets a goal to 50% electric vehicle sales by 2030.

The Hyundai Motor executive chair Euisun Chung stated that the investment will help it strengthen its relationship with U.S. public entities and private organizations to offer “innovative products and mobility solutions for our valued customers in America while supporting global climate neutrality efforts.”

According to the company, this includes areas like autonomous driving and advanced air mobility.

Hyundai Motor bought an 80% stake in robot maker Boston Dynamics from Softbank in December 2020, The company, known for its four-legged dog-like robot Spot, was valued at $1.1 billion. Boston Dynamics was previously funded by Google and began selling their first robot in June 2020.

Motional, which is a joint venture between U.S. mobile technology firm Aptive and the automaker, is pushing for driverless technology. Motional currently tests its robotic taxi service on U.S. roads. It plans to offer commercial service by 2023. This is one of many efforts. bring autonomous vehicles to roads across the country.

Hyundai is launching November. formed SupernalThe firm is creating a line of electric vehicles to be used in advanced aviation. It said that it will launch its first commercial flight in 2028.

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