Seoul, Aug 26 (SocialNews.XYZ) South Korea's automotive giant Hyundai Motor Group has decided to increase to $26 billion its investment commitment to the United States over the next four years, with a focus on steel, automobiles and robotics, the group said on Tuesday.
The investment, which was unveiled following President Lee Jae Myung's first summit with U.S. President Donald Trump in Washington on Monday (U.S. time), marks a sharp rise from the $21 billion pledge made in March, reports Yonhap news agency.
"Through the investment, Hyundai Motor Group will respond to U.S. government policies and expand business opportunities in various areas to bolster its future competitiveness in areas including the mobility sector," the company said in a release.
Under the plan, Hyundai will build a steel plant in the U.S. state of Louisiana with an annual production capacity of 2.7 million tons, providing quality low-carbon steel for key strategic industries.
"When completed, the Louisiana plant will help Hyundai Motor Group establish a value chain connecting steel, parts and finished cars," the company said.
Hyundai added its production capacity of finished cars in the U.S., which stood at 700,000 units last year, will "expand significantly" to cover various lineups, including electric vehicles (EVs) and hybrid models, without specifying figures.
In March, the company vowed to expand that capacity to 1.2 million units.
The group also said it will build a robot factory in the United States with a production capacity of 30,000 units, without elaborating on the timeline or location.
Hyundai has been pushing to establish a hub for its robotics business led by Boston Dynamics, its robotics design firm.
South Korea and the United States have signed 11 memorandums of understanding (MOUs) for bilateral cooperation in a wide array of key industrial sectors ranging from shipbuilding, nuclear energy and aviation to liquefied natural gas (LNG) and critical minerals, Seoul's industry ministry said on Tuesday.
—IANS
na/
Source: IANS
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