Hyundai Motor Firm President and CEO Jose Munoz responds to anticipated auto business tariffs on ‘The Claman Countdown.’
Hyundai Motor Firm CEO Jose Munoz appeared Wednesday on “The Claman Countdown” the place he talked about Hyundai Motor Group’s newly-announced large funding within the U.S.
His look on the present got here the identical day the automaker marked the official grand opening for its Hyundai Motor Group Metaplant America (HMGMA) close to Savannah, Georgia and simply days after Hyundai revealed it is going to put $21 million over the subsequent few years towards boosting manufacturing within the U.S.
“We are opening the so-called HMGMA Metaplant America which is comprised of $12.6 billion dollars. It’s one assembly plant with a capacity of 300,000 that I announced today is going to get to as much as 500,000 and two battery plants,” he instructed host Liz Claman. “And as you pointed out, right before starting the interview, our executive chair, Mr. Chung, announced before the president of the United States, President Trump, that we are planning to invest $21 billion between now and 2028 in a number of mega projects, including the new Electric Arc Furnace plant in Louisiana.”
The Hyundai emblem is displayed on the New York Worldwide Auto Present, March 28, 2018 on the Jacob Okay. Javits Conference Heart in New York Metropolis (Drew Angerer/Getty Photos / Getty Photos)
The brand new $21 million funding that Hyundai unveiled Monday will embrace $9 billion for carry its annual U.S. manufacturing capability to 1.2 million automobiles, $6 billion for “enhancing parts localization and logistics” and $6 billion in direction of extra “collaboration in future industries” like autonomous driving and robotics and for vitality infrastructure, in keeping with the corporate.
HYUNDAI TO INVEST $20B IN US MANUFACTURING
Munoz’s look on “The Claman Countdown” additionally got here earlier than President Donald Trump mentioned later Wednesday he would put a brand new tariff on imported automobiles.
The Hyundai Motor Firm CEO instructed Claman that the corporate “took a big decision to invest in America” through the prior Trump administration.
Hyundai first meeting and manufacturing plant in the USA is true outdoors of Montgomery, Alabama (Carol M. Highsmith/Buyenlarge/Getty Photos / Getty Photos)
“America is for us the largest market, and we then decided to make the largest investment in the world with this $12.6 billion,” he mentioned. “There is nothing better to address potential tariffs than localizing our production in America, bringing jobs.”
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“Not many know that we are really a large corporation that not only produces cars, but steel and many other things,” Munoz continued. “And with all these new investments that we announced on Monday, we’re bringing in total about 670,000 jobs, direct and indirect. This is massive.”
He mentioned the automobiles that Hyundai will manufacture at its Savannah, Georgia plant “probably they will have to pay no tariffs.”
PRESIDENT TRUMP ANNOUNCES NEW AUTO TARIFFS
The automaker is the most recent amongst a rising variety of corporations asserting plans to extend funding within the U.S. beneath the Trump administration, which has been utilizing tariffs to encourage corporations to carry manufacturing again to American soil and scale back reliance on international items.
Trump has applied a slew of tariffs since taking workplace, together with 20% levies on items imported into the U.S. from China. Mexico and Canada had been additionally hit with tariffs, however Trump later launched exemptions for these two nations on items beneath the United States-Mexico-Canada Settlement till April.
Imports of metal and aluminum have additionally grow to be topic to new tariffs.
Daniella Genovese contributed to this report.
