Investments aim to expand production capacities, strengthen supplies and development of advanced technologies.
South Korea Hyundai Motor Group Auto Company has invests $ 21 billion in the US economy from 2025 to 2028. It has been reported in the company’s press release.
It is noted that investments are aimed at expanding production capabilities, strengthening supplies and developing advanced technologies.
In particular, Hyundai will invest $ 9 billion in increasing the manufacture of cars in the United States. Expanding capacities will allow earlier -people to produce 1.2 million brands of Hyundai Motor, KIA and Genesis in the country.
In addition, the company intends to send funds to the modernization of manufacturing businesses in Alabam and Georgia.
Hyundai plans to invest $ 6 billion in developing logistics and steel business in the United States to achieve a broader localization of releasing auto components, in specific batteries for electric vehicles.
His Hyundai Steel unit plans to build an iron business in Louisiana with a capacity of 2.7 million tonnes of steel a year to 2029. Investments in this project will reach $ 5.8 billion, US President Donald Trump said Monday as part of a meeting in the White House with the head of Hyundai Jong Ison and Governor of Louisiana Jeff Landry.
Hyundai will also invest $ 6 billion in modern projects and the expansion of strategic cooperation with American companies in areas such as autonomous driving, robotics and artificial intelligence.
As expected, it will create 14 thousand direct jobs with full employment in the United States.
Earlier it was reported that Korea’s largest manufacturer of Hyundai Motor Company and the Saudi State Investment Fund (PIF) have signed agreements on the joint construction of a car in Saudi Arabia.
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Source: korrespondent
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