SEOUL, Nov 16 — Hyundai Motor Group will invest ₩125.2 trillion (RM355.5 billion) in South Korea from 2026 to 2030, the automaker said today after Seoul finalised a trade deal reducing United States (US) tariffs on South Korean autos to 15 per cent from 25 per cent.
That compares with investments by Hyundai Motor and its group affiliate Kia Corp of ₩89.1 trillion (RM253 billion) from 2021 to 2025, according to the group.
South Korean President Lee Jae Myung met with Hyundai Motor Group Chairman Chung Eui-sun and other business leaders today, two days after details were released on the trade deal, which includes South Korea's promise to invest US$350 billion (RM1.44 trillion) in US strategic sectors.
"We are well aware of concerns about exports declining and domestic production shrinking due to US tariffs of 15 per cent.
"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 after the meeting, adding that the group will also provide support to auto parts makers hit by President Donald Trump's tariffs.
Of Hyundai's domestic investments, ₩50.5 trillion (RM143.4 billion) will be in artificial intelligence and other future business opportunities, ₩48.4 trillion (RM137.4 billion) in research and development, and ₩36.2 trillion (RM102.8 billion) on optimising production facilities and building a skyscraper.
