Biden's Speech..Hyundai Motor Group to invest $10 billion in U.S.

[Youngsun Ha] It's great to be here to announce the more than $10 billion new investment in the American manufacturing. This new commitment of 5 billion for advanced automotive technology, and 5.5 billion investments to open a new factory near Savannah, Georgia, it is going to create more than 8,000 new American jobs.

The plan is to break ground as soon as January of 2023. And the new facilities should be rolling out the latest electric vehicles and batteries to power them by 2025.

Workers in Georgia who will build these plants and manufacture this new electric battery technology means economic opportunity for an awful lot of Americans.

And I want to commend my friends and the two senators in Georgia, Raphael, Warnock and John Ossoff for how they've been fighting for Georgia to become a magnet for this clean energy investments.

And these investments are part of a trend my administration, in my administration, manufacturing jobs are coming back to America.
Even before these investments, my administration since coming to office has created 545,000 new manufacturing jobs since we took office, thanks to Hyundai, we are being part of this transformative automobile sector and accelerating us on a road where we're going to be handing to United States of all electric future. That's what we're shooting for.

Our administration is setting ambitious standards to cut pollution in cars and trucks and boost fuel economy standards for those continuing to operate on gasoline.

And last year standing together with the CEOs of major American manufacturers along with the CEO and the head of the United Auto Workers, I signed an executive order setting a goal of having 50% of all new vehicles sold by the year 2030 be electric and it's an ambitious target I know but I believe we can meet it.

We're all committed to making it happen. auto companies, American UAW and the federal government as well. Because all understand the same basic thing. Electric vehicles are good for our climate goals, but they're also good for jobs and they're good for business.

Hyundai and any company investing in the United States would benefit greatly from entering the partnerships with some of the most highly skilled, dedicated and engaged workers in the world anywhere you can find.

And that is American union members and again, every venture to manufacture electric vehicles and electric vehicle batteries, would be made stronger by collective bargaining relationship with our unions.

Investing aggressively in electric vehicles and battery production now, now not tomorrow. Now is also important to strengthen our long-term economic security and accelerating progress toward a clean energy future.

You know, because of Putin’s war we've been sort of knocked off slightly, a little bit because of the impact of the impact of Russia, Russian oil in Europe, but batteries, batteries that we made at this new facility in Georgia, are going to power cars without one drop of gasoline and increased security of our battery supply chain as well.

That's going to serve to save families money, because they can skip the pump all together. Instead, families should be able to stop in one of 500,000 electric vehicles stations, part of the network we're going to be building across America the $7.5 billion in funding from the bipartisan infrastructure and all. The chairman told me walking out here that they're also going to be invested in charging stations as well.

That my administration by the way, we invested in a new charging station along highways. It's a little bit like years and years ago, when they're starting to build automobiles in America and you invested in the gas station.

Other things pop up around it has had an effect of generating economic growth, just by putting into the station. I think you're going see that as well to do in the United States. My administration is supercharged for the Electric future.

We're also making historic investments in better battery manufacturing, clean transit and light rail. For example, we're going to be investing $5 billion to transform our fleet of nearly 500,000 polluting diesel school buses and to clean all electric vehicles.

And my climate and jobs agenda is making the United States a premier destination for savvy private firms looking to invest in the electric vehicle future.

In fact, today's welcome announcement by Hyundai comes on top of an additional $100 billion dollars in investments in the last year from companies in America and American manufacturing to build electric vehicles and electric batteries.

And so folks, the administration is going to stay laser focused on innovation and batteries and EVs building out our infrastructure and increasing the market demand hairman Chung, thank you again for choosing United States. We will not let you down. Over these last two days I've been focusing all mine, all the ways in which the Republic of Korea and the United States can work closely together to shape the direction our world for the better.

This deal is another prime example of a partnership and innovation expertise and values. The tribe of Korean and American people are delivered through world. Thank you all for being part of this.

This very integral, clean electric vehicle future not only here, but in my country and for deepening the ties between our two great democracies. Thank you all so very much. Thank you.