Hyundai Motor’s president and CEO, Jose Munoz, outlined aggressive growth plans despite lowering profit outlook due to tariffs. Operating profit margin target for 2025 is 6-7%, down from 7-8%, with revenue expected to rise by 5-6%. The automaker aims to increase annual sales to 5.55 million by 2030, up 34% from 2024.

Munoz highlighted U.S. operations as the “engine of growth” for Hyundai, investing $26 billion to expand manufacturing. The company plans to localize 80% of U.S. vehicle sales by 2030, compared to 40% currently. This includes developing a midsize pickup truck and a rugged SUV.

The CEO investor day in New York coincides with strained U.S.-South Korea relations following an immigration raid at a Hyundai-LG Energy Solution battery plant in Georgia. Around 475 workers, including 300 South Koreans, were arrested, but no Hyundai employees were detained. The raid was the largest single-site enforcement operation in DHS history.

Jose Munoz expressed empathy for affected workers and called for U.S.-South Korea cooperation to resolve the issue. Both Hyundai and LG Energy Solution hope to avoid similar incidents in the future by working on mutually beneficial solutions for specialized technical expertise. Lee, LG’s North American president, expressed cautious optimism at a recent conference in Detroit.

Read more at CNBC: Hyundai outlines ambitious growth plans for company in U.S.