In March, the automaker officially opened a US$7.6 billion plant near the port city of Savannah in Georgia, United States. There, Hyundai plans to produce 500,000 vehicles annually, dedicated to electrified models.
The company said the localisation effort has paid off, with North America now posting the fastest growth in electrified models among Hyundai’s major regions.
Hyundai aims to manufacture more than 80 per cent of vehicles sold in the US domestically within the next five years.
Globally, it plans to accelerate annual production capacity by an additional 1.2 million units by 2030.
INVESTING IN NEXT-GEN TECH
Beyond vehicles, Hyundai continues to broaden its technology base.
The company on Monday announced a US$85.8 billion investment in South Korea over the next five years, with a “significant portion” going into artificial intelligence technologies, robotics and advanced chips.
“We are a technology company that happens to sell cars,” Munoz said.
“(Hyundai has) invested billions of dollars … to power our AI capabilities, (which would) bring to the market better cars. (We are) very product (and) technology competitive. We are very well positioned. We need to continue to invest to create a better future.”
Munoz spoke to CNA on Wednesday (Nov 19) on the sidelines of the Bloomberg New Economy Forum in Singapore.
The Nov 19 to 21 event brings together policymakers, industry executives and thought leaders from across the world to discuss solutions to global challenges.
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