Daily Newsletter

21 August 2023

Daily Newsletter

21 August 2023

Hyundai invests more in Alabama

US$190m to build the redesigned Santa Fe

Luke Martin August 18 2023

Hyundai Motor Manufacturing Alabama (HMMA) has announced US$290m in investment to bolster production of popular SUVs.

US$190m has been allocated for tooling and equipment updates to build the redesigned fifth generation Santa Fe. 

“An additional $100m will be invested to support ongoing production of the Tucson SUV and Santa Cruz Sport Adventure Vehicle,” said HMMA president and CEO Ernie Kim.

HMMA has assembled the Santa Fe since 2006. 

This model change is the first comprehensive update since 2018. 

Production is scheduled to commence later this year.

HMMA also produces the Tucson SUV, Santa Cruz Sport Adventure Vehicle, plus the Genesis GV70 luxury SUV.

Tyres and exhaust systems expected to dominate the automotive aftermarket industry

Today’s consumers have a great desire to customize and distinguish their vehicles. The demand for aftermarket extras, including specialized wheels, performance upgrades, interior renovations, audio systems, and aesthetic alterations, has increased owing to this trend. Per GlobalData estimates, the global automotive aftermarket industry will be valued at $677 billion in 2023 and is expected to grow at a CAGR of 5.8% by 2030.

Find out more

Newsletters by sectors

Sportcal open-new-tab

Motor Finance open-new-tab

Just Style open-new-tab

View more newsletters

Sign up to the newsletter

I consent to Verdict Media Limited collecting my details provided via this form in accordance with Privacy Policy

close

Sign up to the newsletter: In Brief

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.

close