Jose Munoz, president and CEO of Hyundai Motor Company, is dealing with the expected automotive industry tariffs on the “Craman Countdown.”
Josemónhos, CEO of Hyundai Motor Company, appeared on “Craman Countdown” on Wednesday to talk about Hyundai Motor Group's newly announced large investment in the US
His appearance at the show came on the same day the carmaker marked an official grand opening for that purpose Hyundai Motor Group Metaplant America (HMGMA) near Savannah, Georgia, days after Hyundai revealed its $21 million to boost manufacturing in the US over the next few years.
“We are opening the so-called HMGMA Metaplant America, which consists of $12.6 billion, which is one assembly plant with a capacity of 300,000 that I announced today, and is expected to reach 500,000 and two battery plants,” he told host Liz Kraman. “And as you pointed out, just before we began our interview, our Executive Chair Chong announced before US President Trump that he plans to invest $21 billion between now and 2028 in many megaprojects, including a new electric furnace plant in Louisiana.”
The modern logo is on display at the New York International Auto Show on March 28, 2018 at the Jacob K. Javits Convention Center in New York City (Drew Angerer / Getty Images / Getty Images)
Hyundai's new $21 million investment announced on Monday includes $9 billion to bring US production capacity to 1.2 million units per year, $6 billion to “enhanced parts localization and logistics,” and $6 billion to “collaboration in future industries” such as autonomous driving, robotics and energy infrastructure.
Hyundai invests $200 billion in US manufacturing
Munoz also appeared on “Claman Countdown” before President Donald Trump said he would impose new tariffs on imported vehicles on Wednesday.
The CEO of Hyundai Motor Company told Kraman that during the previous Trump administration, he “made a big decision to invest in America.”
The Hyundai First Assembly and manufacturing plant in the US is located just outside Montgomery, Alabama (Carol M. Highsmith/BuyEnlarge/Getty Images/Getty Images)
“The US is our biggest market and we have since decided to make the world's biggest investment with this $12.6 billion,” he said. “There's nothing better to address potential tariffs than localizing production in the US and bringing work.”
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“Not many people know that we are a large company that not only produces cars, but also produces a lot of things like iron,” Munoz continued. “And with all these new investments announced on Monday, we're bringing about directly and indirectly a total of around 670,000 jobs. This is massive.”
He said vehicles that Hyundai manufactures at its Savannah, Georgia plant “will probably not pay customs duties.”
President Trump announces new car rates
Automakers are the latest among the growing number of companies that have announced plans to increase investment in the US under the Trump administration, and are using tariffs to encourage businesses to bring manufacturing back into American soil and reduce their dependence on foreign goods.
WASHINGTON, DC – Jan. 21: US President Donald Trump asks a question from a reporter at a press conference at the Roosevelt Room at the White House on January 21, 2025 in Washington, DC. Trump announces investment in artificial intelligence (Andrew Harnik / Getty Images / Getty Images)
Since taking office, Trump has implemented many tariffs, including a collection of 20% on goods imported from China to the US. Mexico and Canada also suffered tariffs, but Trump later introduced two-state exemptions on products under the US-Mexico-Canada Agreement until April.
Steel and aluminum imports are also affected by new tariffs.
Daniella Genovese contributed to this report.
