“Autonomous driving-UAM and other future business cooperation”… Two-day investment plan of $10.5 billion revealed
Biden: ‘We’re trying to avoid disappointment’… “Thank you” 5 times at the press conference
Hyundai Motor Group Chairman Chung Eui-sun held a joint press conference with US President Joe Biden on his visit to Korea on the 22nd and announced that it would invest 5 billion dollars (about 6.3 trillion won) in the US in the field of future mobility. It has been a day since it announced on the 21st that it would invest $5.5 billion in Georgia to build an electric vehicle and battery cell plant. During President Biden’s visit to South Korea alone, he announced plans to invest a total of $10.5 billion in the United States.
Chairman Jung held a press conference following an exclusive private conversation with President Biden at the Grand Hyatt Seoul Hotel in Yongsan-gu, Seoul at 11 am on the 22nd. Chairman Chung said, “We plan to invest an additional $5 billion by 2025 to strengthen cooperation with American companies in fields such as robotics, urban air mobility (UAM), autonomous driving, and artificial intelligence (AI).” “The new electric vehicle-only plant in Georgia will provide high-quality electric vehicles to U.S. customers and serve as a bridgehead for Hyundai Motor Group to become a leader in the U.S. automobile industry.” We are ready to work to achieve the Biden government’s policy goal of increasing sales by 40-50% of sales. I hope the Biden government’s support will continue,” he added.
President Biden welcomed Hyundai Motor’s investment by using the word ‘thanks’ five times in his speech. During his visit to Korea in 2013, he shared an anecdote of meeting with Chairman Chung, revealing his closeness. “This investment will create more than 8,000 jobs in the United States,” he said.
The meeting between Chairman Chung and President Biden was initially scheduled to last about 10 minutes, but the interview was held for 15 minutes in advance, 15 minutes for a press conference, and an additional 20 minutes thereafter.
Eui-sun Eui-sun: “Electric vehicle factories in the US will become a bridgehead for leaps and bounds”
Biden: “Investment that strengthens ties between the two countries”
$10.5 billion investment in the U.S. revealed
Investing 21 trillion won in electric vehicles in Korea
“Chairman Chung, thank you again for choosing the United States. (Chairman Chung, thank you again for choosing the United States. We will not let you down).”
“We’re also making historic investments in battery.”
On the 22nd, President Joe Biden strongly expressed his will to ‘live up to expectations’ of the $5 billion new investment plan announced by Hyundai Motor Group Chairman Chung Eui-sun on the 22nd. This investment is focusing on Hyundai Motor Group’s new future businesses such as autonomous driving, urban air mobility (UAM), and robotics.
Accordingly, it is expected to expand the promotion of new businesses in the United States, such as the establishment of Momental, a joint venture with American autonomous driving company Aptiv, the acquisition of a stake in Boston Dynamics, a robot company, and the establishment of Supernal, an independent U.S. corporation for air mobility development.
“The new investment of more than $10 billion will enable Hyundai Motor Group to provide innovative products to American customers and contribute to carbon neutrality efforts,” said Chairman Chung. Hyundai Motor Group previously decided to invest a total of 21 trillion won by 2030 to increase electric vehicle production in Korea as well.
President Biden said, “Thanks to Hyundai Motor Group, the U.S. government is energized in this important change in the transition to electric vehicles. said. In particular, he emphasized, “This investment is the best example of partnership and innovation, and strengthens the bond between Korea and the United States.” A business official said, “President Biden clearly showed the message of ‘Come to America’ to global companies with the Hyundai Motor Group at the fore. As he repeatedly emphasized the meaning of trusting the US, Hyundai Motor’s position in the US is expected to improve significantly.”
President Biden said, “The Hyundai Motor Group, as well as all companies investing in the United States, will benefit greatly from our partnership with a skilled and passionate local workforce. Investing is important.”
Reporter Byun Jong-guk bjk@donga.com
By Kim Jae-hyeong, staff reporter monami@donga.com