Hyundai announces $20 billion investment in the US

Hyundai Motor Group Executive Chairman Euisun Chung and US President Donald Trump speak at the White House on March 24 - Photo: REUTERS

According to Reuters, on March 24, South Korea's Hyundai Motor Group announced a $20 billion investment in the United States. The announcement was attended by President Donald Trump at the White House.

The investment will include a $5.8 billion Hyundai Steel plant in Louisiana that is expected to produce more than 2.7 million tons of steel a year and create more than 1,400 jobs. The plant will supply steel to auto plants in Alabama and Georgia.

Hyundai also said it would spend $9 billion to expand production of its Hyundai, Kia and Genesis lines. The rest will be used for projects including expanding renewable energy supplies, building more electric vehicle charging stations and researching robotics and autonomous driving technology.

Hyundai Motor also plans to hold an inauguration ceremony for its $7.59 billion car and battery factory in Georgia on March 26.

“Hyundai Motors entered the U.S. market in 1986. Since then, we have invested more than $20 billion and currently support more than 570,000 jobs in the U.S. across all 50 states,” said Hyundai Group Chairman Euisun Chung.

Earlier this month, Hyundai Steel revealed that it was considering building a steel plant in the southeastern United States, but no decision had been made. The company also noted that increased US tariffs would have a negative impact on the South Korean steel industry.

Hyundai previously said in 2022 that it would invest about $10 billion in the US by 2025. It is not yet clear whether all of that money has been spent or whether the newly announced investment includes a portion of the previous investment.

Hyundai's new announcement comes as Mr Trump threatens to impose reciprocal tariffs on multiple countries on April 2, possibly targeting countries with large trade surpluses with the US, including South Korea.

"This investment is clear evidence that tariffs work," Mr. Trump said on March 24 at the White House.

President Trump has imposed tariffs to protect American steel and aluminum producers. He has restored a 25% global tariff on all metal imports and expanded tariffs to hundreds of metal-based products.

Automakers are lobbying the White House to avoid imposing steep tariffs on imported cars and parts. General Motors CEO Mary Barra met with Trump earlier this month and said the company wants to invest $60 billion in the U.S. but remains concerned about the uncertainty of tariffs.

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Source: https://tuoitre.vn/hyundai-cong-bo-dau-tu-20-ti-usd-vao-my-20250325121701669.htm