This photo provided by Hyundai Motor Group shows Euisun Chung, executive chair of the group, speaking at a groundbreaking ceremony for Hyundai Motor Group Metaplant America in Savannah of the U.S. state of Georgia on Oct. 26, 2022. (Image courtesy of Yonhap)
WASHINGTON, March 24 (Korea Bizwire) — Hyundai Motor Group is set to unveil a $20 billion investment plan in the United States, marking the largest commitment by a South Korean company since the start of Donald Trump’s second presidential term.
According to reports from Reuters and CNBC, the announcement will be made later Monday at the White House, with Trump, Hyundai Motor Group Chairman Euisun Chung, and Louisiana Governor Jeff Landry in attendance.
A key part of the investment includes a $5 billion steel plant in Louisiana, to be operated by Hyundai Steel. The facility is expected to employ approximately 1,500 workers and will produce next-generation steel products for Hyundai’s electric vehicles manufactured in its U.S. plants.
In addition, Hyundai will officially announce the opening of its third American factory, the Hyundai Motor Group Metaplant America (HMGMA), located in Georgia. The group already operates two automotive manufacturing plants in Alabama and Georgia.
This investment move comes as the Trump administration prepares to announce new “reciprocal tariffs” on April 2, targeting countries with large trade surpluses with the United States, including South Korea. Trump has publicly urged foreign companies to increase U.S.-based production as a way to avoid high tariffs.
The White House has repeatedly highlighted Hyundai’s proactive approach. Earlier in February, the White House cited Hyundai’s CEO as saying that investment in the U.S. was the best antidote to tariffs. The administration also praised Hyundai’s decision to consider establishing a steel mill in response to steel and aluminum tariffs.
Most recently, on March 10, the White House listed Hyundai among 12 global companies expanding their U.S. presence, noting the company’s plan to increase local manufacturing and produce hybrid vehicles at its Georgia facility.
The move underscores a growing trend among major exporters to ramp up American investments to navigate trade tensions and secure market stability.
Kevin Lee (kevinlee@koreabizwire.com)
