Hyundai plans to locally produce 80% of the vehicles it sells in the U.S., the automaker announced Thursday. As part of a $55 billion global investment program it will spend $2.7 billion to expand the electrified vehicle plant near Savannah, Georgia hit by an ICE raid two weeks ago, boosting its production capacity to 500,000 vehicles annually. More from Headlight.News.
Hyundai CEO Jose Munoz is not concerned about the friendship between Trump and Musk and says it can benefit all automakers as analysts predict gloomy times are coming.
José Muñoz will become global chief executive officer of Hyundai Motor Co. on Jan. 1. It will mark the first time a non-Korean will move into that leadership position — and comes at a critical time for what has become one of the world’s largest automakers.
After growing nearly 800% between 2019 and early 2023, the growth in EV sales has begun to slow in recent months. But despite some reports, U.S. demand is expected to still grow from 1.2 million to 1.5 million in 2024. While some automakers, such as Ford, Volkswagen and General Motors are pulling back on their commitments to electrify, at least one major executive, Hyundai’s Jose Munoz, says he is “doubling down” on EVs. Find out why at Headlight.News.