S.Korea's Hyundai Motor and its affiliates to jointly set up company in U.S. to explore businesses

FILE PHOTO: The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly

SEOUL (Reuters) - South Korea's Hyundai Motor Co and its two affiliates plan to jointly set up a company in the United States to explore businesses, Hyundai Motor said on Thursday.

In May, Hyundai Motor Group said it plans to invest more than $10 billion in the United States by 2025 to strengthen collaboration with U.S. firms in advanced technology.