Washington: South Korea's automotive giant Hyundai Motor Group has announced an increase in its investment commitment to the United States, raising the figure to $26 billion over the next four years. The investment will focus on sectors such as steel, automobiles, and robotics.
According to Yonhap News Agency, the announcement was made following South Korean President Lee Jae Myung's first summit with U.S. President Donald Trump in Washington. This new commitment marks a significant increase from the $21 billion pledge made by Hyundai in March. The company stated that the investment aims to align with U.S. government policies and expand business opportunities, enhancing Hyundai's future competitiveness, particularly in the mobility sector.
As part of this plan, Hyundai plans to construct a steel plant in Louisiana, which will have an annual production capacity of 2.7 million tons. The plant is expected to provide quality low-carbon steel for key strategic industries. Hyundai emphasized that the completion of this plant will help establish a value chain connecting steel, parts, and finished cars.
Hyundai also revealed plans to significantly expand its U.S. production capacity for finished cars, which stood at 700,000 units last year. The company aims to cover various lineups, including electric and hybrid vehicles, though specific figures were not disclosed. This expansion follows Hyundai's March commitment to increase production capacity to 1.2 million units.
Additionally, Hyundai announced plans to establish a robot factory in the United States, with a production capacity of 30,000 units. While details regarding the timeline and location were not provided, Hyundai has been actively working towards establishing a hub for its robotics business, spearheaded by its design firm Boston Dynamics.