More than 300 Korean citizens return home after an ice attack
South Korea has signed a contract with the United States following an ice attack at the Hyundai Battery Factory in Georgia. Over 300 Koreans return home.
Hyundai Motor 005380.KS said Thursday that the South Korean automaker aims to produce more than 80% of the vehicles it sells in the US by 2030, in response to US tariff policies, in order to increase capacity at its Georgia factory.
The automaker said in a statement that its operating profit margin for 2025 was trimmed with the target of 6-7% from the previously announced 7-8%, citing the impact of US tariffs. The company said it expects its profit margin to 7-8% by 2027 and to 8-9% by 2030.
Along with affiliate KIA Corp 000270, Hyundai Motor, the world’s third largest automaker, said its Georgia factory will reach 500,000 units per year by 2028, with a mix of hybrid and electric vehicles (EVs).
Hyundai Motor co-CEO Jose Munoz spoke on Thursday with Investors Investors Day, saying that the US and South Korea hope to find a solution to the short-term business trips of professional workers after the Korean workers were detained during the attack at a battery factory in Georgia.
Munoz said many of the detained workers were helping to calibrate and test advanced battery production technologies at plants supporting Hyundai’s US operations.
Hyundai said the biggest market this year was produced in the US, with 40% of vehicles sold in the US generating around 40% of revenue.
“Hyundai’s plan to build 80% of vehicles sold in the US could help mitigate the impact of US tariffs under Trump, but there is uncertainty as to whether these tariffs will remain after he controls.
Singh said Hyundai needs to justify why maintaining US production at that level remains meaningless in the long run, even if tariffs are removed, such as showing that deploying humanoid robots after a Georgia factory breaks down.
The automaker also plans to expand its global hybrid lineup to more than 18 models by the end of the decade, from the 14 planned models announced last year, with the launch of its extended range electric vehicle (EREV) in 2027 and the first medium-sized pickup truck in North America before 2030.
The company says the Georgia plant will have a mix of 10 hybrid and EV models.
Munoz added that the company’s revised financial guidance is based on the current 25% US tariff rate, and that its plan to locally produce 80% of vehicles sold in the US is to reduce tariff exposure and enhance growth, but that it will not sacrifice Korean production.
“We need to grow in the US and produce what we sell in the US, but South Korea shouldn’t be worried,” Munoz said.
He added, “We all hope that both governments can reach agreements sooner than later,” and will create opportunities this year and support the Hyundai program next year.
On July 30, US President Donald Trump said in return for the Seoul investment in which the US invests $350 billion in the United States, he would lower tariffs of 15% on imports from South Korea from 25%, cutting his auto import duties from the current 25% to 15%.
Washington implemented a lower 15% tariff rate on automobile and auto parts imports from Japan this week, while South Korea still faces a 25% tariff rate for cars.
Seoul and Washington are struggling to overcome obstacles to completing the trade agreement agreed in July, and the $350 billion investment fund has yet to be resolved.
In July, Hyundai Motor said US tariffs would cost the company 828 billion wins ($606.37 million) in the second quarter, with a greater impact in the July-September period.
Reported by Heykyong Yang, Joyce Lee and Hyunjoo Jin. Edited by Ed Davis, Nia Williams and Louise Haven
