Hyundai to Raise U.S. Investment; Aim to Boost Innovation, Mobility Electrification
May 23 2022 - 8:56AM
Dow Jones News
By Michael Dabaie
Hyundai Motor Group said it would increase its U.S. investment
to more than $10 billion by 2025 to further its goal of
accelerating innovation and mobility electrification.
Hyundai last week disclosed a $5.54 billion plan to establish
its first dedicated U.S. EV and battery-manufacturing facilities in
Georgia to build a wide range of electric vehicles for its U.S.
customers.
The new facility is expected to break ground in early 2023 and
the company expects it to begin commercial production in the first
half of 2025 with an annual capacity of 300,000 units.
Hyundai allocated a series of additional expenditures to foster
future businesses such as robotics, advanced air mobility,
autonomous driving and artificial intelligence.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
May 23, 2022 08:41 ET (12:41 GMT)
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