Published , by TJ Denzer
Published , by TJ Denzer
South Korean automotive manufacturing company Hyundai is looking to largely expand into North American territories with a recent major investment in electric vehicles, autonomous driving, and robotics. The company has announced plans to build a US factory that will produce electric vehicles and batteries, as well as a $5 billion USD investment that will go towards the development and advancement of autonomous driving and robotics technology in the US.
Hyundai announced its various investments and plans to expand into the US electric vehicle and autonomous driving tech market on May 22, 2022, as reported by CNBC. According to reports, Hyundai is building a $5.5 billion facility in Georgia which will carry out production of electric vehicles and batteries for the company. Additionally, Hyundai intends to invest another $5 billion in the US for the development of autonomous driving and robotics technology. As Hyundai begins to implement these investments, the longterm goal is to open operations by the first half of 2025 with an expected capacity of 300,000 vehicles per year.
Hyundai’s major investment into electric vehicles, batteries, and autonomous driving in the US will be a major step into the electric vehicle market. Where Tesla has mostly dominated the market in the West and continues to be recognized worldwide with demand booming and new vehicles like the Cybertruck on the way, groups like Ford have also moved to step up their game in the electric vehicle market with new models like the electric F-150 Lightning.
Meanwhile, this isn’t the first big move Hyundai has made into the electric vehicle and robotics market. The company has already worked on hybrids, as well as all-electric vehicles like the IONIQ series. It also invested big in US robotics in 2021 by acquiring Boston Dynamics.
With several steps already taken to further its place in the electric vehicle and autonomous driving space, it will be interesting to see how Hyundai continues to expand its work in these markets and technologies over the coming years. Stay tuned for more details and electric vehicle coverage here at Shacknews.