Hyundai Motor's annual capacity to widen by 1.2 mil. by 2030: CEO

Hyundai Motor will expand its annual production capacity by 1.2 million vehicles by 2030 by accelerating its localization strategy tailored for each region, the firm’s CEO Jose Munoz told investors during its regular shareholders’ meeting Thursday. The renewed vision comes as the global auto industry undergoes a major paradigm shift into electrification. The global trade uncertainty — triggered mostly by the imposition of auto tariffs from the United States — also comes as a lingering risk factor to the Korean carmaker. However, Hyundai Motor said it identifies the industrial transition and trade risk as major opportunities to widen its global sales. “With Hyundai Motor Group Metaplant America ramping to full capacity, hybrid production being added to our U.S. manufacturing footprint, and new production bases planned in India, Saudi Arabia and Vietnam, we will produce more vehicles closer to where our customers live,” Munoz said. “We will expand our global annual production capacity by 1.2 million units by 2030, and this is how we turn trade challenges into structural advan

Go to News Site