This latest investment in the US will complement HMG's previous investment of approximately US$20.5 billion since entering the US market in 1986.
- US$9 billion will be invested to expand production of Hyundai, Kia and Genesis brand vehicles in the US to 1.2 million units per year;
- US$6 billion is to be spent on developing parts production, logistics and steel business, increasing localisation of auto parts and strengthening supply chains;
- US$6bn will be allocated to develop promising industries, strengthen external partnerships and energy infrastructure, including electric vehicle charging.
In addition, Hyundai Steel, a subsidiary of HMG, will build a steel plant in the state of Louisiana capable of producing 2.7 million tonnes of steel per year. This plant will produce mild steel sheets using the abundant scrap steel reserves in the US in order to "enhance the Group's manoeuvrability and flexibility in response to external uncertainties".
HMG expects its investment to create more than 100,000 direct and related jobs by 2028, including 14,000 full-time jobs.
HMG plans to develop strategic partnerships with US companies in areas such as autonomous driving, robotics, artificial intelligence (AI) and advanced air mobility (AAM).
Key initiatives include:
- Collaboration with Boston Dynamics to expand the U.S. ecosystem of robotics components and create a mass production system
- Collaborating with NVIDIA to accelerate the development of AI solutions for future mobility, including autonomous driving and robotics
- Advancing research and development with Supernal, the US subsidiary of the AAM Business Group, to commercialise the flying car (eVTOL) by 2028
- Delivering robotaxis for Waymo through a strategic partnership with Hyundai Motor Company, and co-developing autonomous driving services with Aptiv
- Supporting startups specialising in mobility, robotics and artificial intelligence through venture capital and other funding mechanisms
Source: Hyundai Motor Group