Yahoo Finance
Hyundai Motor is considering expanding production capacity at its Georgia assembly plant from 500,000 vehicles annually to between 700,000 and 800,000 units by 2028, CEO José Muñoztold CNBCon Thursday.
The South Korean automaker said following publication of the interview that the plans are under consideration but not yet confirmed.
At the upper end of that range, the Georgia Metaplant would leapfrog rivals — among them Tesla and Toyota Motor — to claim the top spot among U.S.
vehicle assembly plants measured by capacity.
Muñoz said President Donald Trump's tariffs, including a 15% levy on imports from South Korea, have accelerated the company's localization plans.
"Tariffs are helping accelerate our localization plan.
"The good thing is that we had already started before tariffs were announced.
So in a way it's helping us to accelerate." Any such expansion would be funded through Hyundai's already-announced $26 billion U.S.
Hyundai has targeted a domestic production share of at least 80% of the vehicles it moves in the U.S.
market by 2030, compared with roughly 40% in 2024.
"For that purpose, we need to add more capacity," Muñoz said.
The $7.6 billion Metaplant, which Hyundai first announced in 2022, is currently turning out the all-electric Ioniq 5 and Ioniq 9 models alongside the Kia Sportage hybrid.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment