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Hyundai to invest $5 billion in the US EV market by 2025

Hyundai Motor Group is a multinational automotive manufacture headquartered in Seoul, South Korea. During the last decade, the group has been continuously introducing high-quality EVs by utilizing E-GMP and its EV dedicated platform.

Hyundai said on Sunday it would invest an additional $5 billion in the United States by 2025 to strengthen collaboration with US firms in advanced technology. The investments that coincide with the visit to Seoul by President Joe Biden, are for robotics, urban air mobility, autonomous driving and artificial intelligence, the group said.

Hyundai Motor Group, which houses Hyundai and Kia, last week announced plans to invest $5.5 billion in Georgia to build electric vehicle (EV) and battery facilities.

In the context of labor law, right to work laws prohibit union security agreements between employer and labor unions. Under these laws, employees in unionized workplaces are banned from negotiating contracts which require employees who are not union members to contribute to the costs of union members. Right to work laws does not aim to provide general guarantee of employment to people seeking work. Hyundai’s new EV and battery manufacturing facilities will be based in the southern “right to work” state, where labor unions are less prevalent and cannot require workers to join.

Biden, a Democrat, has described himself as the most pro-union president in history. But the deal, announced by Georgia’s Republican governor, showed the compromises the president may have to make as he woos investment overseas.

“Hyundai and any company investing in the United States would benefit greatly from entering into partnerships with some of the most highly skilled, dedicated, and engaged workers in the world, anywhere you can find; and that is American union members. Every venture to manufacture electric vehicles and electric vehicle batteries would be made stronger by a collective bargaining relationship with our unions.” Biden said.

Hyundai Motor Group Executive Chair Euisun Chung did not comment on US unions. The new investment brings its planned US total through 2025 to about $10 billion, above the $7.4 billion it announced last year.

However, the world’s third-biggest automaker by vehicles sales did not say where in the United States the additional $5 billion would be invested. In addition, the auto group said on Wednesday it would invest 21 trillion won ($16 billion) through 2030 to expand its EV business in South Korea.

Post time: May-26-2022