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In response to a recent ICE raid that resulted in the detention of hundreds of its workers in Georgia, Hyundai has announced new investments in the US, amounting to $2.7 billion for the EV battery factory involved in the raid. The company plans to introduce various new electrified vehicle models, including extended-range EVs and over a dozen hybrids by 2030. Additionally, Hyundai is set to expand its gas-powered vehicle range with a mid-sized pickup truck launch tailored for the North American market in 2030.
The announcements came during Hyundai’s annual CEO Investor Day, held in New York City for the first time outside of South Korea. This venue choice highlighted Hyundai’s ongoing focus on the US market, despite the recent challenges in Georgia. The ICE raid was a prominent topic at the event, with Hyundai CEO Jose Muñoz beginning his presentation by expressing sympathy for the detained employees and underscoring Hyundai’s dedication to US job creation.
The ICE raid still loomed large over the event
Muñoz stated, “I want to express our sincere sympathy for the workers from our facility. We understand the stress and hardship this has caused for them and their families.”
On September 4th, ICE agents conducted a raid at the Hyundai-LG Energy Solutions EV battery plant, apprehending nearly 500 workers, including approximately 300 South Korean nationals. Reports emerged that some workers were restrained, chained, and detained for several days. The incident is currently under investigation for potential human rights violations by South Korean officials.
The Georgia Metaplant, despite being the site of one of the largest immigration raids in US history, remains central to Hyundai’s strategy to increase auto manufacturing in North America. CEO Jose Muñoz emphasized its importance, referring to it as the driving force behind the company’s plans. The $2.7 billion investment, spread over three years, will finance the second phase of the plant’s development. Hyundai aims to manufacture 500,000 vehicles annually by 2028, focusing on EVs and hybrids. The expanded operations are expected to generate 3,000 direct and indirect jobs in Georgia.
By 2030, Hyundai aims for 80 percent of its US-sold vehicles to be manufactured domestically, boosting supply chain content from 60 percent to 80 percent. This move is likely to appease the US government, which has leveraged potential tariffs to encourage companies to enhance their American manufacturing footprint.
But there was still the acknowledgement that EV sales are likely to grow much slower in the US than in the rest of the world, thanks to the administration’s elimination of EV incentives and subsidies. Muñoz characterized North America as “hybrid-driven,” while Europe and China were “EV driven.”
Globally, Hyundai is eyeing a big goal: 5.5 million vehicles sold annually by 2030, 3.3 million of which will be electric. That’s an increase of 1.2 million cars to Hyundai’s global capacity each year.
