Hyundai to reshore some US production to keep local jobs
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Hyundai Motor will reshore some of its manufacturing operations in the United States to help maintain work for its employees at home, its union said on Saturday.
Under an agreement reached between the company and the union, production of about 70,000 Sonata and Avante sedans will be returned from its factory in Alabama to its Asan and Ulsan factories in South Korea's central and southeastern regions, union officials said.
It is the first time that the top automaker of South Korea has shifted overseas output back home, reports Yonhap news agency.
Hyundai will instead transfer part of the Tucson SUV production from Ulsan to Alabama, as the Ulsan plants began to produce the new Genesis GV70 SUVs late last year, they added.
Hyundai Motor Group oil December announced to acquire controlling stake from SoftBank in consumer robot maker Boston Dynamics in a deal that values the company at $1.1 billion.
Hyundai is taking about 80 per cent stake in the company while Softbank will retain around 20 per cent through an affiliate.
Hyundai Motor Group, together with Boston Dynamics, will create robotics value chain ranging from robot component manufacturing to smart logistics solutions.
