Hyundai Motor Company CEO José Muñoz announced plans to increase production at the Georgia plant (Hyundai Motor Group Metaplant America) from the current 500,000 units annually to between 700,000 and 800,000 by 2028, as part of its 'Made in America' initiative.
In an interview with CNBC on August 20, ahead of the launch of the flagship Genesis GV90 SUV, Muñoz emphasized the importance of the U.S. market, stating, "For us, the U.S. is the most important market after Korea, where our headquarters is located." He also revealed that Hyundai plans to invest $26 billion in the U.S. by 2028, with the expansion of the Georgia plant being a key component of this investment.
Muñoz mentioned that Hyundai aims to launch around 10 new models in the U.S. and plans to produce over 80% of the vehicles sold in the U.S. locally by 2030, up from 40% in 2024. "To achieve that goal, we need to expand our production capacity," he said, adding, "We want all these facilities to be operational by 2028. That is our goal." CNBC noted that a production capacity of 700,000 to 800,000 units would make it the largest plant in the U.S. by production capacity, surpassing Tesla and Toyota.
Additionally, Muñoz indicated that Hyundai is considering further investments in other locations for the production of trucks and SUVs. Currently, the Georgia plant produces the Ioniq 5, Ioniq 9, and Kia Sportage hybrid models.
Muñoz also pointed out that the 15% tariff imposed by the Trump administration on South Korea has accelerated Hyundai's expansion of its U.S. production facilities. He stated, "The tariffs have expedited our localization plans," adding, "The advantage is that we had already started expanding our facilities before the tariffs were announced. Therefore, the tariffs have somewhat accelerated our plans." Hyundai announced its first electric vehicle plant in Georgia in 2022 and has been steadily increasing its investment since then.
Since Muñoz became CEO last year, he has aimed to increase production while creating more jobs. Currently, the Georgia plant employs about 8,500 workers and 6,900 contract workers based on a production capacity of 500,000 units.
Hyundai's sales in the U.S. have been steadily increasing even before the construction of the Georgia plant. According to automotive market research firm Mobility Global, Hyundai's market share in the U.S. rose from 8.4% in 2020 to 11.2% last year.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.