New Report Highlights Hyundai's Multi-Billion Dollar Contribution to the United States Economy

Rhea-AI Summary

Hyundai's sustained operational investments and job creation contribute $20.1 billion and 190,000 jobs to the US economy in 2021 alone.

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• Hyundai's investments of over $12.6 billion in EV manufacturing in the US positions the company to be a leading provider of EVs in the US.

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• The Center for Automotive Research's (CAR) report analyzed Hyundai's sustained operational investments, job creation, philanthropic giving, and commitment to sustainability throughout the U.S. economy over nearly four decades.
• Hyundai and its independent dealer network contribute over 190,000 jobs and $20.1 billion in private earnings to the American economy, with 43% of Hyundai vehicles sold in 2022 manufactured in the U.S.
• Hyundai's investments of over $12.6 billion in electric vehicle (EV) manufacturing in the U.S. to generate over 50,000 new jobs positions the company to be a leading provider of EVs in the U.S. 

FOUNTAIN VALLEY, Calif. and ANN ARBOR, Mich., Sept. 13, 2023 /PRNewswire/ -- 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:

• Hyundai and its independent dealers added $20.1 billion in private earnings to the national economy, including $3 billion in social welfare contributions and $2.8 billion in federal and state taxes, in 2021.
• Hyundai and its independent dealer network directly employ over 61,000 individuals across the country, with nearly 130,000 additional jobs being created through intermediate and spin-off forms of employment, totaling over 190,000 jobs.¹ 
• For each new job created by Hyundai, 7.3 additional jobs are introduced into the U.S. economy and each new employee hired by an independent dealer generated 1.5 new jobs elsewhere.² 
• Hyundai's historic investments in 2022 of over $10.6 billion to establish new electric vehicle manufacturing facilities in Georgia and Alabama will create over 13,500 new jobs and stimulate 49,300 additional jobs throughout the local economies.³
• Driven by over $3.2 billion in new capital investment in 2021 alone, 43% of the 724,265 vehicles Hyundai sold in 2022 were manufactured in the U.S.
• In Alabama, California, and Georgia – the states that received 97% of all new investments in 2021 – Hyundai and its independent dealers have created or contributed to 22,200, 19,200, and 9,600 jobs and generated $3.06 billion, $2.36 billion, $868 million in total earnings, respectively.

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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¹ Intermediate employment refers to the number of supplier jobs related to Hyundai across all sectors of the U.S. economy. Spin-off employment, or expenditure-induced employment, refers to the jobs supported by the Hyundai employees and suppliers' workers who spend their earnings in the economy.

² Job multiplier figures are calculated through dividing total employment figures (direct, intermediate, spin-off) by the number of jobs created through direct employment.

³ Hyundai recently announced an additional $2 billion investment in partnership with LG Energy Solutions to expand on its planned $5.54 billion construction of an EV and battery manufacturing facility in Bryan County, GA. The investment will create 400 additional jobs at the site.

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SOURCE Hyundai Motor America