South Korea’s Hyundai announces $21 billion U.S. investment
Hyundai, a South Korean company, stated Monday that it would invest almost $21 billion in onshoring in the United States.
As part of the investment, a new steel factory in Louisiana is expected to employ around 1,400 people and create next-generation steel that Hyundai's two U.S. auto plants will utilize to make electric vehicles.
Hyundai, a South Korean giant, announced Monday that it would invest around $21 billion in U.S. onshoring, including a $5.8 billion steel facility in Louisiana.
In addition to producing next-generation steel that Hyundai's two U.S. car plants would utilize to make electric vehicles, the plant is expected to hire over 1,400 workers. President Donald Trump, Louisiana Governor Jeff Landry, and Hyundai Chairman Euisun Chung made the announcement at the White House on Monday.
The anticipated announcement and the investment's specifics were previously covered by CNBC.
Hyundai's announcement coincides with the rush by large global corporations to evade tariffs and prevent a trade war in the run-up to Trump's tariff deadline of April 2. Major foreign companies that have visited the White House in the past two months to announce significant plans for U.S. onshoring include Japan's SoftBank and Taiwan Semiconductor Manufacturing Co.
José Muñoz, the CEO of Hyundai Motor, recently told Axios that "increasing localization is the best way for [Hyundai] to navigate tariffs."
Directly competing with Tesla, the South Korean company is one of the leading sellers of electric automobiles in the United States. It currently operates two sizable vehicle factories in the United States: one in Georgia and one in Alabama. Hyundai also revealed on Monday that it would be establishing a third car facility in Georgia.
The United States has a trade imbalance with a number of nations, including South Korea. Trump criticized South Korea in early March for imposing high tariffs on American products, claiming that the Asian ally's levies were four times greater than the US's.
Seoul has denied that disparity. According to the South Korean government, because the two nations have a free trade agreement, South Korea's effective tariff rate on U.S. imports was 0.79% as of 2024.
As part of the investment, a new steel factory in Louisiana is expected to employ around 1,400 people and create next-generation steel that Hyundai's two U.S. auto plants will utilize to make electric vehicles.
Hyundai, a South Korean giant, announced Monday that it would invest around $21 billion in U.S. onshoring, including a $5.8 billion steel facility in Louisiana.
In addition to producing next-generation steel that Hyundai's two U.S. car plants would utilize to make electric vehicles, the plant is expected to hire over 1,400 workers. President Donald Trump, Louisiana Governor Jeff Landry, and Hyundai Chairman Euisun Chung made the announcement at the White House on Monday.
The anticipated announcement and the investment's specifics were previously covered by CNBC.
Hyundai's announcement coincides with the rush by large global corporations to evade tariffs and prevent a trade war in the run-up to Trump's tariff deadline of April 2. Major foreign companies that have visited the White House in the past two months to announce significant plans for U.S. onshoring include Japan's SoftBank and Taiwan Semiconductor Manufacturing Co.
José Muñoz, the CEO of Hyundai Motor, recently told Axios that "increasing localization is the best way for [Hyundai] to navigate tariffs."
Directly competing with Tesla, the South Korean company is one of the leading sellers of electric automobiles in the United States. It currently operates two sizable vehicle factories in the United States: one in Georgia and one in Alabama. Hyundai also revealed on Monday that it would be establishing a third car facility in Georgia.
The United States has a trade imbalance with a number of nations, including South Korea. Trump criticized South Korea in early March for imposing high tariffs on American products, claiming that the Asian ally's levies were four times greater than the US's.
Seoul has denied that disparity. According to the South Korean government, because the two nations have a free trade agreement, South Korea's effective tariff rate on U.S. imports was 0.79% as of 2024.
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