NEW YORK – Hyundai Motor is increasing its revenue expectations for this year, despite ongoing U.S. tariffs causing the automaker to lower its expected operating profit margin for 2025.

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 will be the first time the company has hosted the event outside of South Korea. as well as the first for CEO Jose Munoz, who was promoted to lead the automaker beginning this year.

Along with revising financial targets, the 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.

The CEO investor event comes at an inopportune time for the company, as well as relations between the U.S. and South Korea.

Munoz will address investors 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.

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.