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FOUNTAIN VALLEY, Calif. and ANN ARBOR, Mich. Sept. 13, 2023 – #hyundai Motor America (Hyundai), including its luxury brand Genesis, and the Center for #automotive Research (CAR), today announced the release of a new report that details Hyundai’s robust contributions to the United States economy, including an in-depth review of Hyundai’s impact in seven states. In total, Hyundai’s #automotive operations and those of its 835 independent dealers across the country contributed $20.1 billion and 190,000 jobs to the U.S. economy in 2021 alone.
Since entering the U.S. market in 1986, #hyundai has been an integral part of the U.S. economy, lifting local businesses, communities, and families, according to CAR’s report. Today, #hyundai Motor Group, which encapsulates Hyundai’s, Kia’s, and Genesis’ global operations, has grown to be the world’s third best-selling automaker group.
Report Highlights:
The report’s full findings, including Hyundai’s impact within all seven key operating states, can be found here (link).
“For nearly four decades, #hyundai has supported U.S. economic and environmental goals through continued investments in the country’s manufacturing base, including our commitments in recent years to invest over $12.6 billion to build state-of-the-art electric vehicle manufacturing facilities,” said José Muñoz, president and global COO, #hyundai Motor Company and president and CEO, #hyundai and Genesis Motor North America. “Hyundai is proud to be leading the EV transition in the U.S. and on track to remain one of the top EV providers in the country.”
“After deep analysis by the resident economists at CAR, our insight was unambiguous: #hyundai had a steady and strong role in shaping the U.S. #automotive landscape and the many communities it supports,” said CAR Senior Vice President of Research and Chief Innovation Officer, Dr. K. Venkatesh Prasad. “Sustained investments in U.S. manufacturing by #hyundai and other automakers benefit a range of interconnected value chain members, generating new jobs and expanding domestic production capacity in areas such as electric vehicles.”
The report found that Genesis Motor America, which saw its U.S. sales grow eight-fold in 2022 to 56,410 units, also plays an important role in Hyundai’s U.S. business and electrification strategy with its commitment to deliver an all-electric product lineup by 2030.
As Hyundai’s economic impact in the U.S. has expanded, so too has its commitment to being a responsible #corporate citizen, CAR’s report found. This includes the #hyundai Hope On Wheels (HHOW) and Genesis Inspiration foundations as well as the #hyundai Hope and Genesis Gives #corporate initiatives.
Established in 1998, #hyundai Hope On Wheels exemplifies Hyundai’s unwavering dedication to improving the lives of those within its community. Working hand-in-hand with its extensive dealer network and their customers, HHOW has donated over $225 million, including $25 million in 2023 alone, to support 1,300 pediatric cancer research programs at more than 175 esteemed medical institutions. For its part, the Genesis Inspiration Fund has donated a total of $8 million since 2018 to organizations focused on connecting youth to the arts, particularly those in under-resourced neighborhoods.
Center for #automotive Research
The Center for #automotive Research is a nonprofit organization; its mission is to produce independent research, convene stakeholders, and analyze critical issues facing the mobility industry and its impact on the economy and society.
Hyundai Motor America
Hyundai Motor America focuses on ‘Progress for Humanity’ and smart mobility solutions. #hyundai offers U.S. consumers a technology-rich lineup of cars, SUVs, and electrified vehicles. Our 835 dealers sold more than 724,000 vehicles in the U.S. in 2022, and nearly half were built in the U.S. Headquartered in Fountain Valley, California, #hyundai has significant operations in four states, including its #hyundai Motor Manufacturing Alabama facility and seven cutting-edge R&D facilities in California, Michigan, and Montana. These operations, combined with those of independent dealers, contribute $20.1 billion annually and 190,000 jobs to the U.S. economy, according to a recent economic impact report. For more information, visit www.hyundainews.com.
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57114-NewReportHighlightsHyundaisMulti-BillionDollarContributiontotheUnitedStatesEconomy
57115-NewReportHighlightsHyundaisMulti-BillionDollarContributiontotheUnitedStatesEconomy
57116-NewReportHighlightsHyundaisMulti-BillionDollarContributiontotheUnitedStatesEconomy
57117-NewReportHighlightsHyundaisMulti-BillionDollarContributiontotheUnitedStatesEconomy
57118-NewReportHighlightsHyundaisMulti-BillionDollarContributiontotheUnitedStatesEconomy
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