Economic Contribution Study of Hyundai Motor America’s U.S. OperationsDownload Now
The purpose of this study is to estimate Hyundai Motor America’s (HMA’s) and its independent dealer network’s employment and economic contribution to the United States and the economies of the seven states in which HMA and HMA dealer networks have significant automotive footprints. This study also estimates the economic contribution of Hyundai’s new electric vehicle and battery manufacturing investment to the United States economy.
In 2021, Hyundai Motor America (HMA) and Hyundai America Technical Center, Inc. (HATCI) hired 7,050 workers in Alabama, California, Texas, Georgia, Michigan, and other states in the U.S. In addition, HMA’s independent dealer network employed 54,100 workers across all fifty states. CAR estimates HMA, HATCI, and HMA’s independent dealers in 2021 contributed 190,950 jobs in the U.S. economy. Of these, HMA and HATCI’s U.S. automotive operations support 58,250 jobs, and 132,700 jobs are associated with HMA’s 835 dealers in fifty states. HMA and its dealerships added USD 20.1 billion in private earnings to the U.S. economy, including USD 3.0 billion in social welfare contribution and USD 2.8 billion in federal and state income tax revenue.
HMA’s employment multiplier is 8.3—implying 7.3 additional jobs for every employee in HMA’s U.S. automotive operations. HMA’s independent dealers have an employment multiplier of 2.5, indicating 1.5 other jobs created for every HMA dealership worker.
In 2022, Hyundai Motor Group (HMG), a multinational conglomerate that owns Hyundai Motor Company (HMC), the parent company of HMA, announced that HMG, Hyundai Mobis, and SK On will invest an additional USD 10.6 billion into new electric vehicle facilities in Georgia and Alabama, which is expected to hire 13,500 jobs in those states. CAR estimates these jobs will create or retain a total of 62,800 jobs in the United States by 2025. These jobs will generate USD 8.3 billion in private earnings, including USD 1.3 billion in government social welfare funds and USD 1.2 billion in federal and state personal income tax.Download Now