Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Trump Backs Nexstar–Tegna Merger Amid Shifting U.S. Media Landscape 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
Thailand Inflation Remains Negative for 10th Straight Month in January 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility 
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Hyundai Motor Group invests $5.9 billion from overseas reserves into its South Korean electric vehicle (EV) plants, signifying a substantial reshoring effort. The funding, boosted by a 4.6-fold dividend increase from operations in Europe, the US, and India, will bolster the local EV ecosystem.
In other words, Hyundai Motor is reshoring or bringing its reserves back home so they can be used for the improvement of facilities and production of EVs in South Korea. Aside from the automaker itself, its other affiliates and subsidiaries outside of the country will also contribute to gathering the full $5.9 billion investment.
The Seoul-headquartered vehicle manufacturer further revealed on Monday, June 12, that it has also hiked up the dividends from its operations in Europe, the United States, and India by 4.6-fold. According to Korea Joongang Daily, Hyundai Motor reiterated that it would use the dividends as investment funds to give a boost to the local EV ecosystem.
From the $5.9 billion funds, the carmaker will get $2.1 billion from its business operations in India, the Czech Republic, and the United States, while Kia will get $3.3 billion from the group’s subsidiaries in Europe and the U.S.
In addition, Hyundai Mobis is getting $200 million, and the rest of the funds will come from other smaller affiliates such as Hyundai Glovis. The company is expecting 79% of the dividends to be forwarded to the headquarters within the first half of the year and the remainder before the end of 2023.
“Bringing in the profits companies earned overseas to Korea is considered a type of capital reshoring,” Hyundai Motor said in a statement. “The dividends will help Hyundai companies cut back on bank loans, which will enhance our financial solvency and allow us to make an aggressive investment.”
The Korea Times mentioned that Hyundai Motor Group will distribute the funds for the establishment of EV plants in Ulsan, South Gyeongsang Province and Gwangmyeong, Gyeonggi Province. Part of the investment will also go to the setting up of Kia Motors’ EV facility in Hwaseong, Gyeonggi Province.
Photo by: Hyundai Motor Group/Unsplash
