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Photo = Yonhap news |
[Alpha Biz= Paul Lee] The U.S. government's plan to impose a 25% tariff on imported cars is also a significant concern for global automakers such as General Motors (GM), Toyota, and Honda, as a considerable portion of their sales in the U.S. comes from imported vehicles. Like Hyundai Motor Group, these companies have responded by increasing their local production in the U.S. and expanding collaborations with domestic manufacturers.
According to market research firm MarkLines on Thursday, the U.S. sales volumes for last year were as follows: GM (2.7 million units), Toyota (2.34 million units), Ford (2.1 million units), Hyundai Motor Group (1.7 million units), and Honda (1.42 million units). Among them, Ford is the least affected by the tariff plans, as about 99% (2.09 million units) of its sales last year were produced locally in the U.S.
However, GM's situation is different. In 2022, the proportion of local production in the U.S. relative to its sales was only 64%, with the remaining 36% imported from countries such as Korea and Mexico. This context explains why GM's CFO, Paul Jacobson, recently stated at an investor conference that "if the tariffs become permanent, we will have to reassess plant relocations and production allocation."
Japanese automakers such as Toyota and Honda face similar challenges. The proportion of local production for Toyota and Honda in relation to their U.S. sales last year was 54% and 72%, respectively. While their local production share is higher than Hyundai Motor Group's (42%), they still rely on key imported components, which means they are also likely to be significantly impacted by the tariff.
This has led Japanese automakers to consider relocating their U.S. production bases or increasing collaboration with local companies. For example, Honda plans to source batteries for hybrid vehicles produced in the U.S. from Toyota’s U.S. factory starting next month. Nissan is also reportedly considering relocating its Mexican production base to another region if the high tariff remains in place.
알파경제 Paul Lee 특파원(hoondork1977@alphabiz.co.kr)
