Biden Informs About Hyundai Announcement of $10B US Investment

President Joe Biden wrapped off a three-day visit to South Korea on Sunday, highlighting Hyundai's vow to invest at least $10 billion in electric vehicles and related technology in the United States. Biden said the US was prepared for any provocation delivered by Kim Jong Un before visiting US and South Korean troops monitoring the rapidly developing North Korean nuclear threat.

Hyundai is investing $5.5 billion in Georgia to build an electric vehicle and battery manufacturing. Hyundai CEO Euisun Chung, who appeared with Biden on Sunday, said his business would spend an additional $5 billion on artificial intelligence for autonomous vehicles and other technology. "Electric vehicles are good for our climate goals, but they're also good for jobs," Biden said. "And they're good for business."

The significant investment by a South Korean corporation in the United States reflects how the United States and South Korea are transforming their long-standing military ties into a larger economic alliance. While traveling the region, Biden stated that he is unconcerned about any prospective escalation by North Korea.

"We are prepared for anything North Korea does," Biden said in response to a reporter's question. "We've talked through how we'd respond to whatever they do so I am not concerned, if that's what you're suggesting."