Chung Eui-sun, the chief of South Korea’s auto giant Hyundai Motor Group, was expected to ask for Washington’s support for the group’s push in burgeoning sectors that include urban air mobility (UAM) and robotics in a meeting with US President Joe Biden in Seoul this weekend.
Biden arrived in South Korea on Friday for his first summit with President Yoon Suk-yeol on a range of issues, including North Korea’s nuclear programme and supply chain risks.
According to industry sources, Biden will meet with Chung on Sunday to thank him for Hyundai’s more than $7 billion investment in the state of Georgia, which is expected to be announced by the state’s governor, reports Yonhap news agency.
The two were expected to talk about Hyundai’s future industry businesses related to smart mobility, including electric vehicles, UAM, robotics and autonomous vehicles. UAM is a key future innovation business that can help overcome urban challenges, like traffic congestion, by connecting the sky and the ground.
Chung has previously laid out a vision in which automobiles will account for 50 per cent of its business, and UAM and robotics take up 30 per cent and 20 per cent, respectively.
Hyundai Motor Group, which has Hyundai Motor and Kia as major affiliates, has announced a broad plan to invest $7.4 billion in its US plants and markets by 2025. Source: IANS