Hyundai's Billion-Dollar Bet on the USA
- Hyundai intends to infuse a massive $21 billion into American territories.
Hyundai, the titan of automotive industry from South Korea, has dropped a bomb with its plan to plow $21 billion into the good ol' U.S. of A. in the coming years, according to Hyundai's CEO Euisun Chung during a press conference with none other than the big cheese, President Donald Trump. Since 1986, Hyundai has already staked $20 billion in the USA.
What's this investment all about? Well, if you're listening to Trump, it's a clear-cut sign that his tariffs are doing their job. Got it? Tariffs, working. Yep, you heard that right. So, what's next for Hyundai stateside?
For starters, they're planning to build an all-American steel mill in Louisiana for $5.8 billion. Yeah, you read that right! That's billion with a 'b'. With this as their molten centerpiece, Hyundai's cars will roll off the assembly line like never before, avoiding tariffs, according to Trump.
But wait, there's more! Hyundai also plans to kick their car production into high gear in Georgia, and splash billions more on American tech companies. Did someone say 'investment spree'?
If you think it can't get any better, think again! Hyundai's CEO Chung just got all warm and fuzzy about opening a swanky new car factory in Georgia this week, a stunner that'll cost a cool $8 billion. With this factory, Hyundai will crank up its U.S. production to over a million cars yearly.
Now, that's what I call an investment!
Key Points to Remember
- Hyundai to invest $21 billion in the USA across 2025 to 2028.
- Plans to increase annual U.S. automobile production capacity to 1.2 million vehicles.
- $6 billion to enhance localization of automotive components and strengthen supply chains.
- $6 billion to invest in future technologies, including autonomous driving, robotics, AI, and AAM.
- Construction of an Electric Arc Furnace (EAF) steel mill in Louisiana to produce 2.7 million tons of steel annually.
- Over 100,000 direct and indirect job opportunities, including 14,000 direct full-time jobs by 2028.
- Hyundai's CEO, Euisun Chung, stated that the company will invest a massive $21 billion in the United States, making them advance their total investment in the country to a staggering $41 billion from 1986.
- As part of this investment spree, Hyundai plans to initiate the construction of an all-American steel mill in Louisiana for $5.8 billion, producing 2.7 million tons of steel annually to evade tariffs.
- Apart from the steel mill, Hyundai intends to boost their car production in Georgia, spend additional billions on American tech companies, and establish a swanky new car factory there for $8 billion, targeting an annual production of over a million cars.
