Hyundai Motor Group Chairman Chung Eui-sun announced that it would invest an additional $5 billion in new industries in the United States during a meeting with US President Biden.

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 after 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.

[Eui-sun Chung / Chairman of Hyundai Motor Group: Hyundai Motor Group plans to strengthen cooperation with American companies on various technologies by investing an additional $5 billion by 2025.] On the

21st, It is an additional investment policy following the announcement that it will build a factory dedicated to electric vehicles.

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.

[Joe Biden/President of the United States: I would like to express my gratitude once again to Chairman Chung Eui-sun for choosing the United States, and I will not disappoint.

This investment by Hyundai Motor Group in the United States is a prime example of partnership, innovation and value.]

It is also noteworthy whether Hyundai Motor Group's large-scale investment in the United States can create a virtuous cycle in the domestic economy by increasing domestic production and creating jobs.