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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Hyundai, Trump announce $21 billion US investment, new steel plant
Donald Trump at the White House on Monday.
The investment includes a new $5.8 billion Hyundai Steel plant in Louisiana that will produce over 2.7 million metric tons of steel annually, creating more than 1,400 jobs. The steel plant is expected to supply steel to auto plants in Alabama and Georgia.
Of the total, Hyundai also plans to invest $9 billion by 2028 to boost U.S. production capacity to 1.2 million vehicles in the United States and $6 billion to expand strategic partnerships with U.S. companies in autonomous driving, robotics, artificial intelligence, and advanced air mobility, the company said.
Hyundai Motor plans to hold an opening ceremony for its new $7.59 billion car and battery factory in Georgia on Wednesday. The automaker has a factory in Alabama, while its affiliate Kia has a plant in Georgia. The two older plants can produce 700,000 vehicles a year and the new Georgia plant will have a 300,000-vehicle production capacity when fully operational.
Louisiana Governor Jeff Landry had travelled to South Korea in October and met with Hyundai to discuss the investment plan.
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«Money is pouring in. We want to keep it that way,» Trump said.
The South Korean automaker also said that it would buy $3 billion of LNG produced in the United States.
Numerous companies have announced planned investments following Trump's return to the White House, though some of those statements have included previously announced plans.
Hyundai in 2022 said it would invest about $10 billion through 2025 in the United States.
The announcement comes as Trump threatens to impose reciprocal tariffs on numerous countries on April 2, potentially targeting South Korea which has a large trade surplus with the United States.
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