Read CAR's Latest Research Paper:
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 $20.1billion and 190,000 jobs to the U.S. economy in 2021 alone.
Report Highlights:
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Hyundai and its independent dealers added $20.1 billion in private earnings to the national economy, including $3 billion in social welfare contributions and $2.8billion in federal and state taxes, in 2021.
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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]
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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]
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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 13,500new jobs and stimulate 49,300 additional jobs throughout the local economies.[3]
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Driven by over $3.2 billion in new capital investment in 2021 alone, 43% of the 724,265vehicles Hyundai sold in 2022 were manufactured in the U.S.
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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.
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[1] Intermediate employment refers to the number of supplier jobs related toHyundai 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.
The Center for Automotive Research is a nonprofit organization; its mission is to inform and advise, through independent research, education, and dialogue, enabling a more viable and sustainable automotive ecosystem.
