Hyundai donates $1M to Trump inauguration fund amid tariff, EV subsidy threats

Hyundai Motor Group Executive Chair Euisun Chung, far left, greets with President Donald Trump, right, during his visit to Korea in his first term on Nov. 7, 2017. [JOINT PRESS CORPS]

 
Hyundai Motor made a $1 million donation to U.S. President-elect Donald Trump’s January inauguration fund as Korea's largest automaker attempts to deepen its ties with the incoming leader, who has proposed hikes in tariffs on imported goods.
 
The donation follows in the footsteps of other major automakers like General Motors, Ford Motor and Toyota Motor.
 

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Hyundai made the contribution through its U.S. subsidiary, Hyundai Motor North America, according to a Wall Street Journal report. It marks the first time the Korean carmaker has made a donation to a U.S. inauguration in its 57-year history.
 
The $1 million grants Hyundai six seats at a private dinner with Trump and his wife, Melania, at their Mar-a-Lago estate in Florida on Jan. 19, one day before the inauguration, the report said. The contribution also includes admission for six to a private reception on Jan. 18 with Trump's Cabinet picks.
 

José Muñoz, the new CEO of Hyundai Motor, speaks at the LA Auto Show in California on Nov. 21. [HYUNDAI MOTOR]

 
Hyundai Motor executives including CEO José Muñoz and Vice Chairman Chang Jae-hoon are currently considering attending the events.
 
The Wall Street Journal also said Hyundai is in touch with Trump's aides to arrange a private meeting with the incoming president, suggesting the possibility of a sit-down with Hyundai Motor Executive Chair Euisun Chung.
 
The exhaustive efforts came as Trump warned of tariffs of up to 20 percent on all goods imported into the United States and 25 percent on products from Mexico and Canada.
 
Trump has also threatened to repeal a climate law pushed by the Joe Biden administration that offers generous incentives for EV purchases. Hyundai Motor has invested more than $16 billion in the United States over the last four years, mostly in EVs and related sectors including a $5.5 billion EV-manufacturing facility in Georgia.
 
Hyundai Steel, a steelmaking subsidiary of Hyundai Motor, also hinted at potentially building an automotive steel plate factory in the United States with an investment is reportedly up to $7 billion.
 
So far, numerous Korean business leaders are reportedly planning to attend Trump's swearing-in ceremony including Shinsegae Group Chairman Chung Yong-jin, SPC Group Chairman Hur Young-in and Poongsan Group Chairman Ryu Jin, who also serves as the head of the Federation of Korean Industries.

BY SARAH CHEA [chea.sarah@joongang.co.kr]