Hyundai Motor, a South Korean group known for its cars, will invest $ 21 billion to expand construction in the United States to what President Trump said was proof that his pricing policies are creating jobs.
The company, which also produces steel, said on Monday that the investment by 2028 would include $ 6 billion for a steel plant in Louisiana that would employ 1,300 people and other projects to provide Hyundai plants with sections and materials.
The company will also spend $ 9 billion to expand Hyundai, Kia and Genesis vehicles in the United States. The rest of the money will be used for projects involving the expansion of renewable energy supplies, building more electric vehicles and conducting robots and autonomous driving.
“Money is poured,” Mr Trump told the White House at an event that included Louisiana’s Jeff Landry and Euisun Chung, Hyundai’s executive president. “This investment is a clear proof that invoices work very strongly.”
Mr Trump threatened to impose new invoices on a wide range of foreign goods, including cars, and promises to invest more in the United States, Hyundai can help South Korea avoid tariffs or at least be subject to lower duties from other countries.
Hyundai already has significant investments in the United States. Last year, the company began producing electric vehicles at a factory near Savannah, GA, which costs $ 7.6 billion for construction. On Wednesday, Hyundai plans to host an event to highlight the band.
Along with SK ON, a South Korean battery manufacturer, Hyundai invests another $ 5 billion to produce electric vehicles near Atlanta.
Mr Chung gave Mr Trump faith in Georgia’s investments, saying they started when the president visited Seoul in 2019 during his first term. “We are really proud to be standing with you and proud to build the future together,” Mr Chung said.
Hyundai’s factories in Georgia also benefited from subsidies voted by Democrats during Biden’s administration, although this support did not refer to the White House on Monday.
Hyundai also makes vehicles in Montgomery, Kia builds cars in West Point, GA., Southwest of Atlanta.
The factories provide Hyundai some immunity from the invoices that Trump’s administration has imposed or threatened for steel and cars. By reducing Hyundai’s costs from invoices, US factories could also give the company a competitive advantage over its opponents such as Ford Motor and General Motors, which import many of their electric vehicles from Mexico. Mr Trump threatened to impose 25 % invoices on products from Canada and Mexico next month.
“There are no invoices if you make your product in America,” said Trump, who reiterated the plans to impose invoices on imported cars in the coming days.
