The Hyundai Motor Group is planning to boost its spending on sustainable mobility in the US to $10 billion by 2025.
The plans focus on all areas of mobility including self-driving cars, electric vehicles, flying vehicles, and the software tech that's needed to support those initiatives.
"We have come a long way and become very successful in a short period of time, but we are also preparing for our future," said Euisun Chung, Executive Chair of Hyundai Motor Group, following his meeting with U.S. President Joe Biden in Seoul on May 22nd. "The Group will strengthen our partnership with U.S. public and private entities to offer innovative products and mobility solutions to our valued customers in the U.S. while supporting global carbon neutrality efforts."
The new commitment will boost Hyundai's spending by nearly $4.5 billion on top of an existing commitment to build a $5.5 billion battery and electric vehicle production plants in Georgia.
Hyundai's angling to become one of the top three electric vehicle companies by sales in the US by 2026.
But Hyundai's interests in next generation mobility extend beyond just electric vehicles, the company said.
It's also angling to break new ground on robotics, advanced air mobility, autonomous driving and artificial intelligence in the US.