Hyundai's exports from US plunge in May and June
Hyundai Motor Company reported that its US vehicle manufacturing subsidiary, Hyundai Motor Manufacturing Alabama (HMMA), has sharply cut back on exports in the last two months as the plant prioritized domestic sales following the introduction of 25% duties on all vehicles imported into the US earlier this year.
Hyundai Motor exported a total of 637,000 vehicles from South Korea to the US last year, but the company is having to readjust its global production strategies in response to the recent changes in US foreign trade policy. This includes 'redirecting' US-made vehicles to the domestic market instead of exporting them, to help reduce the company's exposure to US import tariffs.
HMMA exported a total of 22,600 vehicles last year, including the Tucson, Santa Fe, Santa Cruz and Genesis GV70 SUVs, to other markets in the region. Exports in May plunged by 45% to 1,303 units from 2,386 units a year earlier, while in June the company exported just 14 vehicles. This is the first time monthly exports have fallen below 100 units since 2020. Production at the Alabama plant is also being expanded, to replace US imports from the company's Mexican operations.
Earlier this year, a Hyundai spokesperson told reporters that, "in order to minimize the impact of US tariffs, we have implemented measures to shift Tucson production from Mexico to HMMA and have moved HMMA's Canadian-bound production to Mexico."
Hyundai Motor Group (HMG) also completed construction of a new 300,000 unit/year plant in the US state of Georgia last year, with production ramping up this year as new Hyundai and Kia models are added. HMG has also confirmed that it will expand the Georgia plant's production capacity to 500,000 units per year later in the decade.
"Hyundai's exports from US plunge in May and June" was originally created and published by Just Auto, a GlobalData owned brand.
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