Hyundai Boosts US Production Amid Tariff Concerns
South Korean automaker Hyundai plans to ramp up vehicle production within the United States. The company aims to offset the impact of tariffs and supply chain disruptions on its profit margins. This move follows uneven demand for electric vehicles across the global auto industry. Increasing domestic manufacturing is intended to avoid extra costs associated with imported vehicles. Hyundai continues to gain market share in the US by pushing its premium Genesis brand, hybrids, and SUVs to capture higher margin sales. CEO Jose Munoz stated this follows a previous $20.4 billion investment made over the last 40 years. The company aims to increase domestic production to mitigate 15% tariff rates on imported vehicles. Hyundai currently manufactures approximately 50% of its US sales within the country.
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Sources · 7 independent
“The company says increasing the number of cars it makes in the U.S. will avoid the extra cost of tariffs that eat into profits.”
“Hyundai has continued to gain ground in the US. The automaker has been pushing the premium Genesis brand, hybrids and SUVs to capture higher margin sales.”
“Hyundai is increasing US production to mitigate tariffs.”
“We have made a big commitment to invest $26 billion in the next four years, and this is after $20.4 billion that we have invested in the last 40 years.”
“As increasing the number of cars it makes in the U.S. will avoid the extra cost of tariffs that eat into profits. Currently about half of the vehicles Hyundai sells in the U.S. are built domestically, importing the rest at a tariff rate of 15%.”
“So the company says increasing the number of cars it makes in the U.S. will avoid the extra cost of tariffs that eat into profits. Currently, about half of the vehicles Hyundai sells in the U.S. are built domestically, importing the rest at a tariff rate of 15%.”
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