After the summit between South Korean President Lee Jae-myung and U.S. President Donald Trump, Hyundai Motor Group announced on the 26th that it will invest $26 billion (approximately 36 trillion won) in the United States over four years starting this year.
This amount is an increase of $5 billion (6.9 trillion won) from the $21 billion announced in March. The core areas of Hyundai Group’s investment in the U.S. are future industries such as steelmaking, automobiles, and robotics.
The additional $5 billion will go towards the establishment of a new robotics factory in the U.S. and expanding the production capacity of automobiles, as previously announced. However, detailed plans regarding the new robotics factory have not yet been finalized.
Through this investment, Hyundai Motor Group aims to respond to U.S. government policies and expand business opportunities in various fields to enhance competitiveness in future businesses, including mobility.
During President Lee’s visit to the U.S., business leaders, including Chung Eui-sun, chairman of Hyundai Motor Group, accompanied him to support the strengthening of economic cooperation between South Korea and the U.S.