The president of Hyundai announced that the group will invest $21 billion (approximately €19.4 billion) in the U.S. over the next four years, including €5.8 billion in a steel plant in Louisiana.
The announcement was made by Chung Eui-sun alongside U.S. President Donald Trump, following a meeting that also included the governor of Louisiana. The CEO of Hyundai Motor indicated that the group is proud to be “a stronger partner in America’s industrial future” and invited Trump to personally visit one of its factories and see “firsthand” its commitment to the country and its workers.
Chung Eui-sun highlighted that this is the largest investment by the South Korean brand in the U.S. to date, having invested around $20 billion (almost €18.4 billion) since its arrival in the country in 1986. Furthermore, the new Hyundai factory in Louisiana will create approximately 1,300 jobs.
“All these efforts will accelerate the localization of our supply chain in the U.S., expand our operations, and increase our American workforce”, said the CEO of the South Korean automotive group, as reported by the agency “EFE“.
“This investment shows that tariffs work well, and I hope that other aspects will work as well. Hyundai will produce steel in the U.S. and manufacture its cars in the U.S., so it will not have to pay tariffs. As you know, there are no tariffs if the products are made in the United States,” said U.S. President Donald Trump.
