Lee Jae-myung Visits Hyundai Motor Company, Calls for Tax Credits to Boost Korean Production

Lee Visits Hyundai Motor's Asan Plant on the 20th
"Measures Needed to Increase Employment in Strategic Industries"

Lee Jae-myung, leader of the Democratic Party of Korea, visited Hyundai Motor Company's Asan plant and stated, "It is necessary to introduce tax credits to protect the domestic automobile industry and promote domestic production."

Yonhap News

At the on-site meeting for seeking measures to respond to changes in the international trade environment held on the 20th at Hyundai Motor Company's Asan plant in Chungnam, Lee said, "The government and political circles are considering ways to protect the domestic automobile industry and expand jobs, but there have been criticisms that the existing support system has problems."

Lee added, "As I mentioned during the general election, measures to increase employment in strategic industrial sectors are necessary. There may be various methods, but when thinking about what would be practically effective, I believe the introduction of a tax system is needed."

At the meeting that day, Lee met with Hyundai Motor officials to discuss ways to develop future technologies and enhance production capacity. Democratic Party officials including Lee, Kang Hoon-sik, Moon Jin-seok, Kim Won-i, Bok Ki-wang, Lee Jae-gwan, Lee Geon-tae spokesperson, and Lee Hae-sik, chief secretary to the party leader, as well as Hyundai executives such as President Lee Dong-seok, Vice President Lee Hang-su of Strategic Planning, and Asan Plant Manager (Executive Director) Park Se-guk attended the meeting.

After the opening remarks, the on-site meeting switched to a closed session, during which Hyundai requested special attention to the tariff war triggered by the second Trump administration. The spokesperson conveyed the industry's message, saying, "Considering the post-Trump administration, there is a need to respond to laws and long-term effective systems made in the United States, so we asked the National Assembly to pay attention to this part."

President Lee also emphasized in his opening remarks, "Recently, there have been various pressures related to trade in the United States," and added, "Since the automobile industry has significant forward and backward effects, we hope for support to enable co-growth with parts suppliers and to overcome difficulties."

It was also reported that support for electric vehicles and hydrogen vehicles was requested. The spokesperson said, "(Hyundai) stated that the domestic automobile industry is experiencing a double burden of maintaining competitiveness in both internal combustion engine vehicles and electric vehicles during the transition to electric vehicles, so they hope the government will provide support quickly," and added, "Regarding hydrogen vehicles, they asked for attention not only to automobiles but also to the hydrogen energy ecosystem and hydrogen charging stations, including charging infrastructure."

This content was produced with the assistance of AI translation services.