Hyundai announces $21 billion investment in U.S.

South Korea’s Hyundai Motor Group announced a $21 billion investment in the United States on Monday during an event at the White House with President Donald Trump.

The investment will expand Hyundai’s manufacturing footprint and strategic partnerships across key industries, including automotive, steel, and emerging technologies.

As part of the plan, Hyundai Steel will invest $5.8 billion to build a new plant in Louisiana, which will produce over 2.7 million metric tons of steel annually and create more than 1,400 jobs. The facility will supply steel to Hyundai’s auto plants in Alabama and Georgia.

Hyundai will also allocate $9 billion by 2028 to increase U.S. vehicle production capacity to 1.2 million units annually. An additional $6 billion will be directed toward expanding partnerships in autonomous driving, robotics, artificial intelligence, and advanced air mobility.

The automaker is set to hold an opening ceremony on Wednesday for its new $7.59 billion electric vehicle and battery manufacturing plant in Georgia. Hyundai already operates a factory in Alabama, while its affiliate Kia has a plant in Georgia.

The two existing facilities have a combined annual production capacity of 700,000 vehicles, with the new Georgia plant expected to add another 300,000 units when fully operational.

Louisiana Governor Jeff Landry, who traveled to South Korea in October to discuss the investment, welcomed the announcement.

"Money is pouring in. We want to keep it that way," Trump said during the event, emphasizing the impact of trade policies on attracting foreign investment.

Hyundai also revealed plans to purchase $3 billion worth of liquefied natural gas (LNG) from the United States.

The announcement comes as Trump prepares to introduce new reciprocal tariffs on April 2, potentially affecting South Korea, which holds a significant trade surplus with the U.S. "This investment is a clear demonstration that tariffs very strongly work," Trump stated, adding that additional auto tariffs may be announced later this week.

Trump has already reinstated 25% tariffs on global steel and aluminum imports and extended them to hundreds of downstream products. Automakers, including General Motors, have been lobbying against further trade restrictions.

GM CEO Mary Barra met with Trump earlier this month, outlining the company’s plans for a $60 billion U.S. investment while expressing concerns over the uncertainty surrounding tariff policies.

Hyundai had previously committed to investing $10 billion in the U.S. by 2025, with the latest announcement marking a significant expansion of its plans.