South Korean automaker Hyundai Motor Group has announced it will be making a $21 billion investment in the United States (U.S.) from 2025 to 2028.
As part of the plan, the carmaker said it will be opening a $5.8 billion steel plant in the southern state of Louisiana.
The announcement comes just days before U.S. President Donald Trump is set to announce details of his 25% import tariffs on automobiles.
The South-Korean car manufacturer unveiled the investment in a recent press release, it said:
“Hyundai Motor Group is deepening its partnership with the United States, reinforcing our shared vision for American industrial leadership.”
The Group also said it will invest a total of $9 billion to boost its an annual production capacity in the U.S. to 1.2 million vehicles a year, across its automotive brands; Hyundai Motor, Kia and Genesis.
Manufacturing plants are already operating in Alabama and Georgia. With the addition of the third plant in Louisiana, the company expects to produce a total of one million vehicles per year.
Trump has commented on Hyundai’s recent investment, stating: “This investment is a clear demonstration that tariffs very strongly work.”
$6 billion of the total investment figure has been reserved by the company to expand partnerships that aim to develop technologies including self-driving vehicles, robotics and AI.
Through these investments, the Group anticipates it will create14,000 new direct full-time jobs in the U.S. by 2028.
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