A US immigration raid at Hyundai Motor Co. and LG Energy Solution LTD’s battery joint venture in Georgia has shocked South Korea’s largest conglomerates and caused concern about future investments in the U.S.
The raid, which happened less than two weeks after Lee Jae Myung and Donald Trump held a summit to underscore their alliance, was part of the administration’s broader crackdown on undocumented workers.
During a government meeting on Monday, South Korea’s Trade Minister Yeo Han-koo stated, “We are well aware of the concerns that have been raised regarding our investment in the US following the immigration crackdown. We will work with related agencies including the Foreign Ministry to explore ways to improve the system.”
Today, South Korea’s Foreign Minister Cho Hyun is expected to depart for Washington to seek the release of the 300 South Korean citizens that were detained in the raid.
Following the raid, LG Energy postponed the launch of its EV battery plant with Hyundai in Georgia, likely impacting the production schedules of Hyundai and its affiliate, Kia Corp.
Hyundai has also restricted all US travel for its employees.
In May, Samsung Electronics Co also introduced internal guidelines restricting US business travel, with employee trips limited to two weeks, according to a company spokesperson.
Hyundai’s stock declined slightly after news of the raid emerged.
By CEO NA Editorial Staff