Hyundai makes multi-billion dollar power play to avoid tariffs
The South Korean automaker is pumping billions into United States manufacturing
In an announcement at the Roosevelt Room in the White House on March 24, the Hyundai Motor Group (HYMTF) , the parent company of brands like Hyundai, Kia, and the Genesis luxury brand, announced a bold $21 billion investment in U.S. manufacturing that it will spend over the next four years to increase its annual production capacity to 1.2 million cars.
The announcement comes very close to an April 2 date that Trump aims to enact levies on cars from Asia and Europe. Already, he has passed 25% tariffs on steel and aluminum imports.
