South Korean automaker Hyundai Motor Group announced on Monday a $21 billion investment plan for its US operations over the next three years, as the company aims to boost production capacity and strengthen its foothold in electric vehicles and advanced technologies.
The investment includes $9 billion to expand US automobile production to 1.2 million vehicles annually across its Hyundai, Kia, and Genesis brands, with significant upgrades planned for manufacturing facilities in Alabama and Georgia.
Another $6 billion will be allocated to enhance parts localization and logistics, including construction of an electric arc furnace steel mill in Louisiana capable of producing 2.7 million tons of low-carbon steel annually.
The remaining $6 billion will fund partnerships in future technologies, including collaborations with Boston Dynamics for robotics, NVIDIA (NASDAQ: NVDA) for autonomous driving solutions, and investments in an EV charging alliance.
“Hyundai Motor Group is deepening its partnership with the United States, reinforcing our shared vision for American industrial leadership,” the company said in a statement. “The Group’s investment and efforts will further expand our operations in the US and grow our American workforce.”
The company expects to create 14,000 new direct full-time jobs and generate more than 100,000 direct and indirect job opportunities across related industries by 2028. This latest commitment builds on approximately $20.5 billion the company has invested since entering the US market in 1986.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
