Korean car manufacturer Hyundai will invest $10 billion in the U.S. by 2025, the company said.
A new project announced during President Joe Biden’s five-day visit to Seoul will bring Hyundai’s planned U.S. total above the $7.4 billion announced last year.
The new $5.5 billion Georgia based plant announced during the weekend will focus on robotics, urban air mobility, autonomous driving and artificial intelligence. More than 8,000 jobs will be created.
“Electric vehicles are good for our climate goals,” Biden said in a press conference with the chairman of Hyundai Motor Group. “But they’re also good for jobs.”
Biden thanked Hyundai for “being part of the transformative automobile sector” and for accelerating the U.S towards an all-electric future.
Hyundai Motor Group executive chair Euisun Chung said the target is to become the leader in the U.S market.
“I am confident that this new plant in Georgia will help us become a leader in the American automobile industry with regards to building high quality electric vehicles for our U.S. customers,” Chung said.
Hyundai is the world’s third-biggest automaker by vehicle sales. The Korean company is also investing $16 billion through 2030 to expand its EV business in South Korea.