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Hyundai outlines ambitious U.S. growth plans weeks after ICE immigration raid at battery plant
Jose Munoz, president and CEO, Hyundai Motor Company, speaks during a media tour and grand opening at the Hyundai Motor Group Metaplant America, March 26, 2025, in Ellabell, Ga.
Mike Stewart | AP
NEW YORK — Hyundai Motor reinforced aggressive growth plans Thursday through the end of the decade, despite lowering its profit outlook for the year due to tariffs.
The new targets call for an operating profit margin this year of between 6% and 7%, down from 7% to 8%, and an increase in revenue of between 5% and 6% — up 2 percentage points — compared with 175.2 trillion South Korean won (US$12.7 billion) in 2024.
The South Korean automaker revised its financial targets Thursday ahead of a CEO investor day in New York City. It is the first time the company has hosted the event outside of South Korea as well as the first time CEO José Muñoz — who was promoted to the top job at the automaker beginning this year — led the meeting.
Along with revising financial targets, the world’s third-largest automaker reconfirmed its ambitious growth plans that include increasing annual sales to 5.55 million by 2030. Such results would mark a roughly 34% increase from its global sales last year of 4.14 million units.
Muñoz opened the meeting by discussing the company’s expansion plans, largely fueled by the U.S., which he called the “engine of growth” for the automaker. Hyundai is currently in the process of investing $26 billion from 2025 to 2028 to expand its operations in America.
“This isn’t just about tariff mitigation, it is about building the most advanced, efficient manufacturing ecosystem in the automotive industry,” he said during the event, adding the U.S. is its largest opportunity for expanding localized manufacturing.
Hyundai aims to have more than 80% of its U.S. vehicle sales be produced locally by 2030. That compares to roughly 40% currently. That is expected to include a Hyundai-developed midsize pickup truck as well as potentially a more rugged SUV than the company currently offers, Muñoz said Thursday.
“I think it’s long overdue,” Muñoz told reporters after the event, calling it “a big opportunity.”
The CEO investor event is occurring at an inopportune time for the company, as well as relations between the U.S. and South Korea.
A masked federal agent wearing a Homeland Security Investigations vest guards a site during a raid where about 300 South Koreans were among 475 people arrested at the site of a $4.3 billion project by Hyundai Motor and LG Energy Solution to build batteries for electric cars in Ellabell, Georgia, U.S. September 4, 2025 in a still image taken from a video.
U.s. Immigration And Customs Enf | Via Reuters
The New York meeting comes weeks after hundreds of workers were arrested during an immigration raid at a jointly owned battery plant between Hyundai and LG Energy Solution in Georgia.
About 475 workers, including more than 300 South Koreans, were arrested in the Sept. 4 raid at the plant in Ellabell, Georgia, according to U.S. immigration officials. Many workers who were detained returned home via a chartered plane following discussions between South Korea and U.S. officials.
Muñoz confirmed Thursday that those detained worked for suppliers, with no Hyundai employees being arrested.
The raid, which was the largest single-site enforcement operation in the U.S. Department of Homeland Security’s history, was conducted over suspicions about “unlawful” visas or immigration status of workers at the site, U.S. officials have said.
At the beginning of the Thursday meeting, Muñoz expressed “our sincere empathy” for the workers and their families who were impacted by the raid. He said he hopes the U.S. and South Korea can work together to resolve the issue and continue the healthy relationship between the two countries.
“As our executive chair said last week, we hope the U.S. and Korea can work on mutually beneficial solutions for short-term business travel, especially for specialized technical expertise,” Muñoz said.
His comments on visas echoed those from Bob Lee, North American president of LG Energy Solution. Lee on Monday said that may be the “one positive” to come from all this and expressed optimism about the company being able to avoid such actions in the future.
“We’re very supportive of this and we’re cautiously optimistic that this type of thing will not happen again,” Lee said at a Center for Automotive Research conference in Detroit.
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CBDT sets December 31, 2025, as the last date to link PAN with Aadhaar. From January 1, 2026, unlinked PANs become inoperative, affecting tax filing and refunds.
Last date to link PAN with Aadhaar card is December 31, 2025.
PAN-Aadhaar Link Deadline: Permanent Account Number (PAN) will become inoperative for those holders who are unable to link it with their Aadhaar card from January 01, 2026, affecting the ability to file income tax returns and get refunds.
The Central Board of Direct Taxes (CBDT) has fixed December 31, 2025, as the last day to link PAN with Aadhaar card for those who receive the cards before October 01, 2025, failing which the services will be discontinued.
Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued by the Income Tax Department. PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department.
The income tax department with the aim to eradicate misuse and fraud, made it mandatory for holders to link with Aadhaar card, in case they are being issued without the linking. The department had extended deadlines several times to give the enough time to holders. It has also imposed a penalty for those who fail to link PAN with Aadhaar in due time.
The services that will be affected if a person fails to link PAN with Aadhaar:
1) The person shall not be able to file return using the inoperative PAN
2) Pending returns will not be processed
3) Pending refunds cannot be issued to inoperative PANs
4) Pending proceedings as in the case of defective returns cannot be completed once the PAN is inoperative
5) Tax will be required to be deducted at a higher rate as PAN becomes inoperative
How To Link Aadhaar With Pan Card Online
Linking Aadhaar with PAN Online (Pre-Login, Without Logging In)
This method is suitable for both registered and unregistered users of the Income Tax e-Filing portal. Visit the Income Tax e-Filing Portal: Go to the official Income Tax e-Filing website: www.incometax.gov.in.
- Access the Link Aadhaar Option: On the homepage, under the Quick Links section, click on Link Aadhaar.
- Enter PAN and Aadhaar Details: Input your 10-digit PAN number and 12-digit Aadhaar number.
- Enter your name as per Aadhaar.
- Check the box “I agree to validate my Aadhaar details”.
- Click Validate.
- Pay the Penalty (if applicable): If you are linking after December 31, 2025, a pop-up may appear stating “Payment details not found”, indicating that a Rs 1,000 penalty is required.
- Click Continue to Pay Through e-Pay Tax.
- Enter your PAN, confirm the PAN, and provide your mobile number to receive an OTP.
- After OTP verification, you’ll be redirected to the e-Pay Tax page.
- Select Assessment Year as 2025-26, Type of Payment as Other Receipts (500), and Sub-type of Payment as Fee for delay in linking PAN with Aadhaar.
- The penalty amount (Rs 1,000) will be auto-filled under Others. Click Continue.
- Choose your payment method (net banking, debit card, NEFT/RTGS, or payment gateway) and complete the payment. A challan will be generated.
- Submit the Linking Request: Return to the Link Aadhaar section on the e-Filing portal.
- Re-enter your PAN, Aadhaar number, and name as per Aadhaar.
- Enter your mobile number linked to Aadhaar to receive a 6-digit OTP.
- Enter the OTP and click Validate.
How To Check Aadhaar-PAN Link Status Online
- Visit the Income Tax e-Filing Portal:
- Go to www.incometax.gov.in.
- Access the Link Aadhaar Status:
- On the homepage, under the Quick Links section, click on Link Aadhaar Status.
- Enter Details:
- Input your 10-digit PAN number and 12-digit Aadhaar number.
- Click View Link Aadhaar Status.
- Check the Result:
- Linked: You’ll see a message like, “Your PAN is already linked to the given Aadhaar.”
- Not Linked: The message will state, “PAN not linked with Aadhaar. Please click on ‘Link Aadhaar’ to link.”
- Pending: If the linking request is under process, it will say, “Your Aadhaar-PAN linking request has been sent to UIDAI for validation.”
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
November 05, 2025, 12:14 IST
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Online retailers Shein, Temu, AliExpress and Wish are being investigated in France in relation to the offence of enabling minors to access pornographic content on their platforms, the Paris prosecutor said on Tuesday.
The country’s consumer watchdog had reported the four firms to the prosecution service on Sunday after raising concerns about the sale of childlike sex dolls on Shein’s platform over the weekend.
The Paris prosecutor’s office told the BBC that the platforms are being investigated over violent, pornographic or “undignified messages” that can be accessed by minors.
AliExpress told the BBC it takes the matter very seriously. Shein, Temu and Wish have also been contacted for comment.
Shein and AliExpress are also under investigation over the dissemination of content related to children that are of a pornographic nature, the office said.
The cases have been referred to Paris’ Office des Mineurs, the prosecution service added. The office is an arm of the French police force that oversees the protection of minors.
AliExpress said the listings in question violated its policies and were removed once it became aware of them.
“Sellers found to violate or trying to circumvent these requirements will be penalised in accordance with our rules,” AliExpress said in a statement.
On Monday, Shein said it had banned the sale of all sex dolls on its platform worldwide. The Singapore-based retailer also said that it would permanently block all seller accounts related to the illegal sale of the childlike dolls and set stricter controls on its platform.
The French consumer watchdog, the Directorate General for Competition, Consumer Affairs and Fraud Control, had said the sex dolls’ description and categorisation left “little doubt as to the child pornography nature” of the products.
The scrutiny of Shein comes as the company, which was founded in China, prepares for the opening on Wednesday of its first permanent physical outlet in France.
Protesters have been seen gathered in front of the Paris department store where Shein is set to open the outlet.
Shein plans to open outlets in other French department stores in cities including Dijon, Reims and Angers.
Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. PHOTO: REUTERS
Bitcoin, the world’s largest cryptocurrency, has fallen sharply to its lowest level in four months, triggering widespread concern among investors.
According to market data, Bitcoin’s price declined by 6.7 per cent to $99,936, slipping below the $100,000 mark for the first time since June. The drop comes just weeks after the digital asset hit a record high of $126,000, marking a decline of more than 20 per cent since its peak.
Other major cryptocurrencies also faced losses, with Ethereum down 10 per cent and XRP falling around 6 per cent.
The downturn in the crypto market coincided with a broader sell-off in US equities, where the S&P 500 fell 1.2 per cent and the Nasdaq dropped as much as 2 per cent.
Analysts say heightened investor caution and market uncertainty have contributed to the latest slump, as sentiment in the global digital asset market continues to weaken.
Read: Pakistan launches first govt-backed strategic Bitcoin reserve
Pakistan has launched its first government-backed strategic Bitcoin reserve in May 2025, marking a dramatic shift in its stance on cryptocurrencies.
The announcement was made by Special Assistant to the Prime Minister (SAPM) on Crypto and Blockchain, Bilal Bin Saqib, at the Bitcoin 2025 conference in Las Vegas.
Speaking to an international audience that included US Vice President JD Vance, Eric Trump, and Donald Trump Jr, he said the country is allocating 2,000 megawatts of surplus energy in Phase 1 to support Bitcoin mining operations and artificial intelligence (AI) data centres.
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PAN To Become Inoperative From Jan 1, 2026, If Not Linked With Aadhaar By Year-End
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