Hyundai Motor said on Jan. 31 it is accelerating investment in the United States. After President Donald Trump said he would restore the auto tariff to the pre-trade-deal level of 25% because of legislative delays in Korea's National Assembly, Hyundai Motor reiterated its intent to invest in the U.S.
According to the auto industry on Feb. 1, José Muñoz, president and CEO of Hyundai Motor, said in a Jan. 31 interview with The Wall Street Journal (WSJ) that the company is focusing on "accelerating" investment and that "the faster, the better to reap the benefits of investment." This refers to the plan Hyundai Motor released last year. Hyundai Motor said it would invest $26 billion (about 37.7 trillion won) in the United States over the next four years.
Muñoz also said preparations for local production in the United States are proceeding smoothly. Hyundai Motor's U.S. production ratio is around 40%, and the company plans to produce 80% of the vehicles it sells in the United States locally by 2030. Muñoz said, "Once you decide to build a factory and that factory starts operating, you cannot reverse it." He added that the company will continue to invest in the United States and that President Trump understands Hyundai Motor's intent to invest.
He also said that the joint battery plant of Hyundai Motor Group and LG Energy Solution will be completed in the first half of this year. The plant took a direct hit from the Trump administration's immigration crackdown last September, but most workers have now obtained visas again and are helping build the facility, Muñoz said.
Muñoz also expressed a determination to make Hyundai Motor a tech company. Muñoz said, "We do sell cars, but fundamentally we must become a tech company and a mobility company."
Hyundai Motor is strengthening investment in robotics technologies, including by acquiring equity in 2021 in Boston Dynamics. The Humanoid Robot "Atlas," developed by Boston Dynamics, is scheduled to be deployed at Hyundai Motor's Meta Plant in Georgia starting in 2028.
Hyundai Motor plans to launch 20 new electric vehicle models in China going forward.