Hyundai Motor will unveil multi-billion dollar investment in South Korea. Source says
Hyundai Motor Group is planning to unveil a multibillion-dollar investment on South Korea's west coast. A source with direct knowledge said this Wednesday. The auto?group?is expanding into artificial intelligence and robotics for autonomous driving.
After media reports about the potential 10 trillion won (7 billion dollars) investment by the automakers in the Saemangeum region over the next five-year period, shares of Hyundai Motor and its affiliate Kia rose 10.5% on Wednesday.
According to a second source, the investment involves robotics and AI data centres as well as hydrogen infrastructure.
Hyundai Motors spokesperson declined to comment.
Hyundai Motor Group announced in November that it would invest 125.2 trillion won (US$25 billion) between 2026 and 2030. This was after Seoul signed a deal to reduce U.S. auto tariffs from 25% to 15%.
At the time, its Executive Chair Euisun Chung pledged to pursue a "hydrogen, AI city" in the renewable-energy-rich coastal region.
The region is a strong base of support for South Korean President Lee Jae Myung. A liberal, he has encouraged government agencies and companies to invest in areas outside Seoul.
The investment plan follows a deal announced by Hyundai Motor Group in October, whereby it would buy up to 50,000 AI chip from Nvidia, and build an AI 'factory' to accelerate the development of in-vehicle AI and autonomous driving, as well as smart factories and robots.
In January, Hyundai Motor Group announced that it aimed to produce 30,000 robots annually by 2028. $1 = 1,437.7800 Won (Reporting and Additional Reporting by Joyce Lee, Editing by Ed Davies Jacqueline Wong, Muralikumar Anantharaman).
(source: Reuters)
