On Sunday, Hyundai announced new plans to commit a further $5 billion towards investing in American manufacturing and innovation. The funds will support the company’s work in electric vehicles, robotics, air taxis, self-driving cars and artificial intelligence.
This new announcement follows the automaker’s other major announcement last week regarding their plans to build an all-EV manufacturing facility in Georgia. The 2,923-acre plant near Savannah will make cars and batteries when production is projected to start in the first half of 2025. Construction starts in early 2023. The company expects to manufacture 300,000 EVs per year at the facility, covering a “wide range” of models. “The move supports carbon neutrality goals with new technologies and contributes to manufacturing in the U.S.,” Hyundai said in a statement.
This new facility by itself is expected to be worth over $5 billion. Georgia Governor Brian Kemp claimed it will be the “largest project” in state history. Hyundai further stated their new plant would create 8,100 jobs, although it’s not clear how many of those are full-time, permanent roles.
This means that by 2025, Hyundai expects to invest over $10 million into its U.S. operations. Some of this money will go toward supporting Boston Dynamics, which Hyundai acquired in 2021. The automaker said it is committed to growing the robotics firm by expanding its manufacturing capabilities and product lineup.
The company will also support Motional, its Boston-based self-driving unit, by working to make its driverless technology safer and more accessible to customers in the US and other parts of the world.
These new investments come as many American automakers continue to ramp up their EV plans. In order to remain competitive, several global automakers like Hyundai find themselves ramping up their EV plans and investments accordingly.