Hyundai Motor Group unveiled plans to invest $21 billion in the United States over the next four years, including building its first steel mill in the country, as the South Korean automaker accelerates efforts to localize production.
The announcement, made during Executive Chairman Chung Eui-sun’s visit to the White House on Monday, represents the company’s largest-ever US investment. President Donald Trump praised the move as validation of his administration’s tariff policies.
A significant portion—$6 billion—will strengthen the US supply chain “from steel and parts to automobiles,” according to Chung. The centerpiece includes a multi-billion-dollar Hyundai Steel facility in Louisiana expected to create 1,300 jobs.
The automaker is also constructing an $8 billion manufacturing plant in Savannah, Georgia, projected to generate more than 8,500 jobs and boost Hyundai’s annual US production capacity beyond one million vehicles.
Additionally, Chung committed to purchasing $3 billion of US liquefied natural gas to support America’s energy sector.
The investment comes as Trump prepares to implement reciprocal tariffs on imports from all countries starting April 2, with a potential 25% tariff specifically targeting automobiles. Motor vehicles accounted for approximately 35% of US imports from South Korea in 2023.
The current US-South Korea free trade agreement eliminated the 2.5% US passenger vehicle tariff, though modifications in 2019 extended the phase-out period for light truck tariffs until 2041.
