According to Yonhap News Agency, Hyundai Motor Group announced an investment plan for the United States on the 24th, declaring that it will invest a total of $21 billion in the United States by 2028.
Zheng Yixuan, the chairman of Hyundai Motor Group, attended a press conference hosted by US President Trump in the Roosevelt Room of the White House that afternoon and announced the investment plan for the United States in the next four years. Specifically, the investment in the automobile production field is $8.6 billion, the investment in the fields of parts, logistics, and steel is $6.1 billion, and the investment in the future industries and energy field is $6.3 billion.
Zheng Yixuan said that this investment sets a record for the company in terms of scale, and its core lies in the $6 billion aimed at strengthening the US steel and automobile parts supply chain. He said that the steel mill in Louisiana will hire 1,300 American employees, laying a foundation for building a more self - reliant and stable US automobile supply chain.
In terms of automobile production, Hyundai Motor Group's metaplant America (HMGMA), a dedicated electric vehicle factory located in Georgia, will hold a completion ceremony on the 26th. The factory will create more than 8,500 jobs, and its annual production capacity will increase by 200,000 units to 500,000 units. Coupled with Hyundai's Alabama factory (with an annual output of 360,000 units) and Kia's Georgia factory (with an annual output of 340,000 units), the total annual production capacity will reach 1.2 million units.
In the field of future industries and energy, Hyundai Motor will cooperate with well - known US companies on cutting - edge technologies such as autonomous vehicles, robots, artificial intelligence, and advanced air transportation. Hyundai Motor Group also plans to import liquefied natural gas worth $3 billion from the United States.
Zheng Yixuan said that the above - mentioned measures will accelerate the localization of Hyundai's supply chain in the United States. Zheng Yixuan also invited Trump to visit the group's advanced manufacturing facilities in the area. Trump said at the event that since Hyundai will produce steel and automobiles in the United States, it will not need to pay tariffs.
Since the start of Trump's second term, Hyundai Motor Group has announced a large - scale investment plan for the United States for the first time among South Korean companies. Given that Trump will impose reciprocal tariffs on trading partners starting from the 2nd of next month, Hyundai Motor's investment plan is regarded as a strategy for US - bound export enterprises to cope with Trump's new tariff policy.
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