When I traveled to Ellabell, Ga., in May to report on Hyundai Motor Group’s hyperefficient Metaplant—a US $12.6 billion boost to U.S.-based manufacturing of EVs and batteries—the company’s timing appeared solid. At this temple of leading-edge factory tech, Ioniq 5 and Ioniq 9 SUVs marched along surgically spotless assembly lines, giving the South Korean automaker a defensible bulwark against the Trump administration’s tariffs and onshoring fervor.
But dark clouds were already gathering….

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