South Korean automobile conglomerate Hyundai plans to build a $5B steel plant in Louisiana and an automotive plant in Georgia as part of a $20B investment in U.S. onshoring, according to CNBC.
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Hyundai Chairman Euisun Chung plans to announce the investment at the White House Monday along with President Donald Trump and Louisiana Gov. Jeff Landry, CNBC reported, citing people familiar with the plans.
The Louisiana plant is expected to manufacture “next-generation” steel to be used in Hyundai’s Georgia and Alabama auto plants for electric vehicle production. Monday’s announcement will also include plans for another plant in Georgia, which would be its third in the U.S.
Vehicle manufacturers including Tesla and Honda have already announced major U.S. manufacturing commitments this month as Trump’s April 2 tariffs deadline looms.
The president first signed an order adding a blanket 25% tariff on all goods coming from Mexico and Canada on Feb. 2, then briefly implemented them this month before suspending them for another month. Trump also vowed to enact dollar-for-dollar reciprocal tariffs on other nations next month, although what will eventually be rolled out remains unclear.
Hyundai will be prepared whether or not the administration imposes tariffs on imported cars and auto parts, Hyundai CEO José Muñoz told Axios in January, adding that the best solution is a commitment to and investment in the U.S. market.
Muñoz said “the best way for us to navigate tariffs is to increase localization,” according to Axios.
Hyundai has invested nearly $16B in U.S. vehicle production since 2021, which included $7.6B for an electric vehicle plant in Georgia that began operating last year. Hyundai and battery partner LG Energy Solution will employ up to 8,500 people at the “Metaplant America” site in Bryan County, Georgia.
Hyundai, which is the parent company of Kia, said Metaplant America will produce up to 300,000 Hyundai, Kia and Genesis electric vehicles annually. LG will begin to deliver batteries this year at the earliest.
Hyundai has become a top seller of electric vehicles in the U.S. and competes directly with Tesla, CNBC reported.
Asked about the planned investment announcement, Hyundai declined to comment. The White House directed CNBC to a post on X.
“More investments, more jobs, and more money in the pockets of hardworking Americans – all thanks to President Trump’s economic policies,” White House Press Secretary Karoline Leavitt said in the post.
Hyundai’s Louisiana steel plant will employ about 1,500 people, according to CNBC.
