From Nikkei Asia, September 18:
South Korean automaker aims to produce 80% of its cars sold in America locally
SEOUL -- Hyundai Motor will invest 77.3 trillion won ($55.8 billion) over five years, starting in 2026, a 10% increase from its 2024 plan, the South Korean automaker announced Thursday.
It also plans to expand production in the U.S. to deal with the Trump administration's tariffs, aiming to make more than 80% of all cars sold in the country domestically, doubling its local production ratio compared with the current level.
The company will invest 30.9 trillion won in research and development, while pouring 38.3 trillion won into facility expansion.
It aims to raise its annual production to 6.2 million vehicles by 2030, up by around 20% versus the current level. In addition to the U.S., Hyundai will expand its global capacity at factories in India and South Korea, as well as at a plant in Saudi Arabia that is scheduled to come online next year.
To lessen the impact of U.S. tariffs on imported cars, the company wants to make over 80% of its vehicles sold in the U.S. at local plants by 2030. At present, the local production ratio is around 40%. Hyundai also aims to increase its procurement of raw materials and parts from U.S. suppliers, including batteries and steel, from 60% now to 80%....
....MUCH MORE
Also at Nikkei Asia:
