That compares with investments by Hyundai Motor and its group affiliate Kia Corp of $62 billion from 2021 to 2025, according to the group. South Korean President Lee Jae Myung met with Hyundai Motor Group Chairman Euisun Chung and other business leaders on Sunday, two days after details were released on the trade deal, which includes South Korea’s promise to invest $350 billion in US strategic sectors.
“We are well aware of concerns about exports declining and domestic production shrinking due to US tariffs of 15%,” Chung said after the meeting.
“We will diversify export markets, increase exports from domestic factories and more than double auto exports through new electric-vehicle factories by 2030,” Chung said, adding that the group will also provide support to auto parts makers hit by President Donald Trump’s tariffs.
Of Hyundai’s domestic investments, $35 billion will be in artificial intelligence and other future business opportunities, $33 billion in research and development, and $25 billion in optimising production facilities and building a skyscraper, the group said.
–Reuters–
