South Korean company Hyundai Motor plans to significantly expand production at its new vehicle assembly plant in Georgia. According to CNBC, the company's CEO, Jose Munoz, announced that by 2028, the plant's projected production capacity will increase from 500,000 to 800,000 vehicles per year.
This decision is part of Hyundai's extensive strategy to invest $26 billion in the U.S. economy by 2028. The company aims to manufacture at least 80% of the vehicles sold in the American market domestically, up from about 40% in 2024. According to the head of the company, the U.S. remains a key market for the brand after South Korea. He also emphasized that the 15% tariffs on imports have only accelerated the implementation of localization programs.
The construction of the $7.6 billion facility was initially announced in 2022. The plant is intended for the production of hybrid and fully electric models under the Hyundai, Genesis, and Kia brands.
The implementation of new projects could make this facility the largest vehicle assembly plant in the U.S., surpassing the production capacities of competitors such as Tesla and Toyota Motor. The market share of the South Korean brand in the U.S. has already increased from 8.4% in 2020 to 11.2% last year.
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