Hyundai Motor donates $1 mil. to Trump’s inauguration

Hyundai Motor Donates $1 Mil

President and CEO of Hyundai Motor Company Jose Munoz speaks during the AutoMobility LA Auto Show at the LA Convention Center in Los Angeles, Calif., Nov. 21, 2024. EPA-Yonhap

President and CEO of Hyundai Motor Firm Jose Munoz speaks through the AutoMobility LA Auto Present on the LA Conference Middle in Los Angeles, Calif., Nov. 21, 2024. EPA-Yonhap

By Ko Dong-hwan
U.S. President-elect Donald Trump speaks after a meeting with Republicans in Congress at the Capitol building in Washington, Wednesday (local time). Reuters-Yonhap

U.S. President-elect Donald Trump speaks after a gathering with Republicans in Congress on the Capitol constructing in Washington, Wednesday (native time). Reuters-Yonhap

Hyundai Motor Firm donated $1 million to the inauguration of U.S. President-Elect Donald Trump, scheduled for Jan. 20 (native time), the main Korean carmaker introduced Sunday.

That is the primary time that the corporate has donated cash for the inauguration of an American president.

The corporate introduced that its president and CEO, Jose Munoz, will attend the inauguration and associated occasions in america. Munoz was appointed final November, along with his function turning into efficient this 12 months.

The corporate’s donation follows the beginning of development on the Hyundai Motor Group Metaplant America (HMGMA) in Georgia in 2022. Will probably be the group’s first electrical car (EV) plant devoted to mass manufacturing, anticipated to be accomplished by the top of June.

HMGMA is anticipated to provide as much as 500,000 EVs per 12 months together with the corporate’s flagship fashions just like the IONIQ collection, Kia’s EV lineup and Genesis. The corporate mentioned HMGMA will produce as much as 70 % of the corporate’s export automobiles for the U.S. market.

Business consultants recommend Hyundai’s donation is geared toward fostering a extra favorable setting for imported vehicles below the incoming Trump administration.

Following his election victory final November, Trump threatened to lift tariffs on all imports by as much as 20 % to encourage the consumption of U.S.-made items.

These worrying statements concern Korean carmakers exporting to the U.S., together with these with manufacturing crops there, equivalent to Hyundai Motor Firm, as a result of they nonetheless depend on elements shipped from outdoors the nation to assemble their automobiles.

Trump said final November that he would impose a brand new 25 % tariff on car-related imports from Canada and Mexico, disregarding the United States-Mexico-Canada Settlement, which went into impact in 2020. In keeping with analysis analyst Wards Intelligence, the U.S. final 12 months imported 16 % of domestically offered automobiles from Mexico and seven % from Canada.

Market analysis agency Wolfe Analysis additionally mentioned that if the brand new tariff turns into a actuality, automobiles within the U.S. market with elements imported from Canada or Mexico will see their retail costs rise by about $3,000.

Hyundai Motor mentioned following its donation that it “welcomes working with the brand new U.S. administration which endorses American manufacturing sectors and wishes to guard the nation’s provide chain.”

Hyundai Motor’s donation got here after different international carmakers, together with Common Motors, Ford and Toyota, additionally donated to the identical trigger.

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