[AutonomousVehicles] additional new announcement about autonomous vehicles from Hyundai

[Cornelius Butler]

Hyundai also just announced a major investment in autonomous vehicle tech.
This will take their total investment into autonomous and electric vehicles
in the U.S. to over $10 billion.

Article Link and Text are below.

Article Link:
https://www.cnbc.com/2022/05/22/hyundai-plans-5-billion-investment-in-us-on-mobility-technology.html

Article Text:

Hyundai plans $5 billion investment in U.S. on mobility technology such as
autonomous driving and robotics
PUBLISHED SUN, MAY 22 20223:58 PM EDTUPDATED 4 HOURS AGO
Ian Thomas

Hyundai Motor said on Sunday it plans to invest $5 billion in the U.S. by
2025 to further develop mobility technologies in areas like autonomous
driving, robotics, and A.I.

The investment comes alongside the automaker’s recent announcement of a
plan to spend $5.54 billion to build its first dedicated electric vehicle
and battery manufacturing facilities in the U.S., located outside of
Savannah, Georgia. That facility is expected to open during the first half
of 2025 and is projected to have an annual production capacity of 300,000
vehicles.

Some $10 billion of new investment will be used to further Hyundai’s “goal
to provide sustainable and smart mobility solutions,” the company said.

Hyundai is aiming to be one of the top three electric vehicle providers in
the U.S. by 2026 and is one of several global automakers establishing new
supply chains and production facilities in America to take advantage of
what is expected to be a decade ahead of exponential growth for the
category.

The company had previously announced a plan to sell 3.23 million fully
electric vehicles worldwide annually by 2030.

It also dovetails with a push from the Biden administration to have
companies set up electric vehicle supply chains in the U.S. as opposed to
overseas. The administration announced a $3.1 billion plan earlier this
month to boost the domestic manufacturing of batteries, which followed the
president invoking the Defense Production Act in April to encourage
domestic production of minerals that are required to make electric vehicle
batteries. The White House has set a goal of 50% electric vehicle sales by
2030.

This newly announced investment from Hyundai will allow it to strengthen
its 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,” Euisun Chung, executive chair
of Hyundai Motor, said in a statement.

That will include areas like robotics, advanced air mobility, artificial
intelligence, and autonomous driving, the company said.

Hyundai Motor bought an 80% stake in robot maker Boston Dynamics from
Softbank in December 2020, The company, known for its four-legged dog-like
robot Spot, was valued at $1.1 billion. Boston Dynamics, which was
previously financed by Google, started selling its first robot commercially
in June 2020.

The automaker is also pushing into driverless technology through Motional,
a venture formed with U.S.-based mobile technology company Aptive. Motional
is currently testing its robotaxi service on U.S. public roads and intends
to start offering commercial service in 2023, one of several efforts to
bring autonomous vehicles to roads across the country.

In November, Hyundai formed Supernal, which is aiming to develop a family
of electric air vehicles in the burgeoning advanced air mobility industry.
The company said it plans to launch its first commercial flight in 2028.
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