During a meeting with U.S. President Biden Chung Eui-sun, chairman of Hyundai Motor Group, he announced that he would invest an additional $5 billion in new industries in the United States. President Biden responded by saying he would not disappoint.
This news is from reporter Jeon Yeon-nam.
U.S. President Biden and Hyundai Motor Group Chairman Chung Eui-sun walk side by side towards the podium following a brief conversation before the main meeting.
Chairman Chung announced that he would invest $5 billion in future new industries in the United States, such as autonomous driving software and artificial intelligence.
[정의선/현대차그룹 회장 : 현대차그룹은 오는 2025년까지 50억 달러를 추가 투자해 다양한 기술에 대한 미국 기업과의 협력을 강화할 계획입니다.]
It was announced on the 21st (21st) that it would build an electric vehicle-only plant worth $5.5 billion in Georgia, USA, and it is an additional investment plan.
The amount of US investment announced by Hyundai Motor Group to coincide with President Biden’s visit to Korea amounted to 10.5 billion dollars, or 13.3 trillion won in Korean money.
This is $3.1 billion more than the amount of investment in the US announced in May last year.
[조 바이든/미국 대통령 : 미국을 선택해 준 정의선 회장에게 다시 한번 감사의 뜻을 표하며, 실망시키지 않겠습니다. 현대차 그룹의 미국에 대한 이번 투자는 파트너십과 혁신, 가치의 가장 좋은 예시입니다.]
It is also noteworthy whether Hyundai Motor Group’s large-scale investment in the US can create a virtuous cycle in the domestic economy, such as increasing domestic production and creating jobs.
