Hyundai Unveils $20 Billion Investment Plan for U.S. Expansion
Hyundai has announced a $20 billion investment in the United States, marking its largest-ever commitment to the country. The South Korean automaker made the announcement alongside President Donald Trump at the White House on Monday.
As part of the investment, $5 billion will be allocated to building Hyundai’s first U.S. steel manufacturing facility in Louisiana. The plant, valued at $5.8 billion, is expected to produce over 2.7 million metric tons of steel annually and create more than 1,400 jobs. It will supply Hyundai’s auto plants in Alabama and Georgia, Trump confirmed during the event.
Speaking at the announcement, Hyundai Chairman Euisun Chung emphasized the company’s long-term commitment to the U.S. economy. He also revealed that discussions about the steel plant began in 2019 during a meeting with Trump in Seoul, South Korea.
“More investments, more jobs, and more money in the pockets of hardworking Americans – all thanks to President Trump’s economic policies,” White House Press Secretary Karoline Leavitt said in a statement.
Trump hailed Hyundai’s investment as proof that tariffs are effective, referring to his administration’s 25% tariffs on steel and aluminum imports, as well as upcoming levies on cars from Asia and Europe set to take effect next month.
The announcement comes amid increased foreign investments in U.S. manufacturing. Taiwan Semiconductor Manufacturing Company (TSMC) and Japan’s SoftBank have also recently committed to major projects. Apple recently pledged $500 billion toward expanding its U.S. operations, while Oracle, OpenAI, and SoftBank announced a joint $500 billion investment in AI infrastructure under a project called Stargate.
Hyundai’s latest investment underscores its strategy to reduce production costs and navigate protectionist economic policies, as the U.S. considers additional tariffs on countries with large trade surpluses.
