00:00When it comes to operating those factories, strategic localization is key here, right?
00:04What's driving those moves and those decisions that you're making right now?
00:08Well, it's very interesting, right?
00:10Because as you see changes in regulation, like the tariffs in the United States,
00:14you have to quickly react to try to minimize the impact and be more competitive.
00:19But we were already on a roll when it comes to announcing big investments in the United States.
00:25So we have announced $26 billion in the next four years versus $20.5 billion in the last 40 years
00:33in the States in steel, in a steel factory, also in assembly of vehicles and others, right?
00:42But also in Korea, last week we announced $125 trillion Korean won,
00:48which is about $86 billion in this meeting plan, meaning through to 2030.
00:55Because we want to be the best at all the latest and greatest in technology,
01:01like on chips, like in robotics, like AI, like in hydrogen technology.
01:08When it comes to the investments into the United States,
01:10we heard that some of the workers that actually were affected by the Georgia raid would be suing ICE.
01:15What is the role that Hyundai is playing now?
01:17Well, that was an unfortunate event that happened in actually a battery plant from LG,
01:24where we are shareholders.
01:25And then always trying to be positive.
01:28What happened was a very positive reaction by the federal government and also by the state,
01:33which I think is going to help fix this issue of the visas once and for all.
01:38I think it was clear for everybody that all the workers that were there, they were legal workers.
01:44And then the construction of the factory has continued.
01:48In fact, a lot of those people that left the country, they're coming back step by step.
01:53And we continue the operation.
01:55A lot of questions.
01:56What are you going to do?
01:57Well, we don't make decisions based on the short term.
02:00This is a mid- to long-term decision on where we want to localize to be stronger.
02:07And it was an opportunity that we already had identified.
02:10In fact, in March, when we saw the president announcing the tariffs during the Liberation Day,
02:16we were celebrating the grand opening of our brand-new plant in Savannah, Georgia.
02:21Right?
02:21So we were not waiting for tariffs or no tariffs.
02:25We want to grow in America.
02:28It's our largest market.
02:29And then we saw this opportunity of localization.
02:32And does it give you more long-term confidence that the White House reached out personally after the raid?
02:36Yeah, absolutely.
02:37I think the White House, I think, is very happy with the level of commitment of our company,
02:44the mid- to long-term investment, the thousands of jobs, right?
02:48So we have roughly 190,000 workers in Tier 1 and Tier N suppliers in America.
02:56We're adding around 25,000 more.
02:59When these raids were happening, we were announcing additional investments of around $2.7 billion,
03:063,000 more employees and 200,000 more capacity.
03:10So I think, obviously, the government likes what we're doing.
03:16It's a very strong commitment to the U.S.
03:18What's happening with the visa issue, though?
03:20Well, we found together a very, very good solution.
03:24We put together a group of people working from the State Department and also from the Korean authorities and the representatives of the different companies,
03:34which we are helping to coordinate, and we're finding the right type of visa to ensure that the technical workers that actually are not available in the U.S.
03:45can go to the States, do their job, and then come back.
03:48So that's basically the positive side of this, that I think we found a good solution not only for our company,
03:55but for all companies that are investing in America.
03:57Do Hyundai employees feel that way?
03:59Because I was speaking to President Lee Jae-myung recently, and he mentioned how the workers themselves may be a bit anxious about going to work in the U.S.
04:07Well, it's obvious that it's normal that people may feel some anxiety, but I think we just need to reassure them.
04:14We need to advise them.
04:16The U.S. Embassy in Korea has supported us a lot.
04:19The Korean government has supported us a lot.
04:21And also the State Department in the States have supported us.
04:24So I don't think as they will see that people are coming, that nothing happens.
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