Brief of diving:
- Hyundai Motor Group plans to invest $ 21 billion in its North -American operations, the car maker on Monday announced.
- President Donald Trump, Hyundai executive chairman, Euisun Chung and Louisiana governor Jeff Landry announced the investment of the White HouseWhere Trump has made us make a key principle of his domestic agenda.
- As part of the investment, Hyundai plans to build a $ 5.8 billion steel plant in Louisiana. The installation is planned to create more than 1,300 jobs and will supply the production of Hyundai electric vehicles to the Georgia and Alabama plants.
Divide vision:
Hyundai has been pouring an important capital into its North -American Manufacturing Network in recent years. The company began operating last fall on its EV Georgia plant $ 7.4 billionWith plans to climb production later this year.
The next steel plant will produce more than 2.7 million tons of steel a year, Trump said in his statements. The installation is the first Hyundai steel plant in the United States and will help Georgia and Alabama factories produce more than one million vehicles a year, said the president. According to the state, construction is scheduled to begin in the third quarter of 2026.
The news comes just over a week before the president’s self -declaring “day of liberation”, when he plans to impose new rates on various products, including possible duties on the car industry.
Automobile and suppliers manufacturers have slaughtered to mitigate the possible impact of rates in recent weeks, even after Trump gave the industry a pause one month on March 5 For rates for cars entering the country from Canada and Mexico.
“This investment is a clear demonstration that the rates work very strongly,” said Trump. “Hyundai will produce steel in America and make their cars in America, so they will not have to pay any rates. You know there are no rates if you make your product in America.”
Hyundai plans to expand his plant from the Savannah area and invest $ 6 billion in American technological collaborations, including Nvidia, Boston Dynamics and Waymo, according to the company’s March 25 announcement.
Investment plans of $ 21 billion are intended to create 14,000 direct jobs in all United States for 2028.
In the White House, Chung proposed the company’s plans to acquire a liquefied natural gas value of $ 3 billion from the US energy industry. “All of these efforts will accelerate the location of our supply chain in the United States, expand our operations and grow our North -American workforce,” said Chung.
Hyundai Motor Co. CEO, José Muñoz, emphasized his belief in the strategy of the company supply chain During a January earnings call.
“We are certainly trying to locate production, which will minimize the potential impact of the rates,” the CEO said.
Hyundai is the last major manufacturer to announce large-scale American investment plans under Trump Administration.
Earlier this month, the Taiwan Semiconductor Manufacturing CO. joined Trump in the White House to announce a Investment of North -American Manufacture of $ 100 billionand Apple unveiled the plans to spend $ 500 million in their national operations Last month.
