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South Korean automaker Hyundai Motor set to create Santa Cruz pickup trucks at the U.S. factory in 2021 with a $410 million investment, as it plans to enter the competitive market led by American rivals.
Hyundai announced its Alabama factory expansion as Trump is expected to delay a self-imposed deadline on imposing tariffs of about 25% on imported cars and parts.
The company has invested almost $1.1 billion in Montgomery over the course of 18 months. Its latest move is expected to create 200 new jobs and 1,000 people employed by suppliers and logistics companies.
The factory was Hyundai’s first assembly and manufacturing plant in the U.S. It began production in 2005 and now has 3,400 employees.
Hyundai introduced the concept of the Santa Cruz pickup truck four years ago, its first for the U.S. market. It will join three models in the U.S. factory—the Elantra Sedans, Sonata, and Santa Fe SUV.
South Korea and the United States have agreed to revise a trade pact last year, extending US tariffs on Korean-made pickup trucks until 2041.
KYC Policy