Hyundai contributes multi-billion dollars to U.S. economy

Alabama benefits from the company’s Montgomery plant and its dealerships

A U.S. Hyundai worker building a Sonata.

Hyundai’s automotive operations and its 835 independent dealerships have contributed $20.1 billion and 190,000 jobs to the U.S. economy in 2021, according to a report published by Hyundai Motor America and the Center for Automotive Research.

In Alabama and Georgia, where Hyundai has multiple manufacturing operations, the company’s investments in 2022 totaled more than $10.6 billion to establish new electric vehicle manufacturing facilities. These investments will also create more than 13,500 new jobs and stimulate the local economies by 49,300 additional jobs.

According to the report, 43% of the 724,265 vehicles Hyundai sold in 2022 were manufactured in the U.S.

“For nearly four decades, Hyundai has supported U.S. economic and environmental goals through continued investments in the country’s manufacturing base, including our commitment in recent years to invest over $12.6 billion to build state-of-the-art electric vehicle manufacturing facilities,” said Jose Munoz, president and global COO, Hyundai Motor Co. and president and CEO, Hyundai and Genesis North America.

Center for Automotive Research Senior Vice President of Research and Chief Innovation Officer K. Venkatesh Prasad said, “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.”

- Sponsor -

In addition, Hyundai and its independent dealers have added $3 billion in social welfare contributions, according to the CAR report, through Hyundai Hope on Wheels and Genesis Inspiration foundations, as well as the Hyundai Hope and Genesis Gives corporate initiatives. Hyundai Hope on Wheels has donated more than $225 million, including $25 million in 2023 alone, to support 1,300 pediatric cancer research programs at more than 175 medical institutions. The Genesis Inspiration Fund has donated at total of $8 million since 2018 to organizations focused on connecting youth to the arts, particularly those in under-resourced neighborhoods.

And the company’s commitment to manufacturing in the United States is continuing. Just last month, Hyundai announced an investment of $290 million in its plant in Montgomery to retool the factory to make the next-generation Santa Fe SUV.

The latest Alabama business news delivered to your inbox