Post by : Badri Ariffin

Hyundai Motor Group has revealed a significant investment of 125.2 trillion won (approximately $86.47 billion) in South Korea, set for the period between 2026 and 2030. This strategic move is a response to a newly established US-South Korea trade agreement that reduces tariffs on South Korean vehicles from 25% to 15%.

This investment notably exceeds the previous commitment of 89.1 trillion won ($61 billion) made by Hyundai and Kia for the 2021–2025 timeframe, underscoring a sharpened focus on innovation and manufacturing.

The planned investments will be allocated thoughtfully, with 50.5 trillion won aimed at advancements in artificial intelligence and future business ventures, 38.5 trillion won focused on research and development, and 36.2 trillion won dedicated to refining production infrastructure and erecting a significant skyscraper.

Chairman Euisun Chung articulated the intention to broaden export markets while bolstering domestic manufacturing capabilities. By 2030, Hyundai aims to more than double its electric vehicle export figures, leveraging newly established EV facilities and enhancing support for surrounding local parts suppliers impacted by previous US tariffs.

This strategic decision showcases Hyundai's vision of augmenting local growth alongside expanding globally, ensuring that South Korea continues to be a center for automotive innovation amid evolving trade dynamics.

#Global News #Share Market