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Takeaways
- Hyundai, a South Korean automaker, announced an investment of roughly $21 billion in manufacturing in the U.S.
- Hyundai executives announced the plan at the White House on Monday, alongside President Trump and Louisiana Governor. Jeff Landry.
- As part of its investment, Hyundai expects to build a steel plant worth $5.8 billion in Louisiana.
Hyundai is the latest company in the U.S. to announce a major investment.
Executives of the South Korean automaker met Donald Trump on Monday at the White House in order to announce a $21 billion investment. This includes a $5.8 Billion investment in Louisiana for a steel plant. That state's governor, Jeff Landry, also attended.
The announcement comes after Taiwan Semiconductor Manufacturing Co. and SoftBank, a Japanese conglomerate, announced that they will pump billions of dollars in the U.S. because President Trump prioritizes domestic manufacturing.
Trump has also stated that he will be imposing reciprocal tariffs on imports from other countries on April 2. Earlier this year, Hyundai CEO José Muñoz told Axios the firm had “decided to invest big time in America as the most important market,” because “the best way for us to navigate tariffs is to increase localization.”
UPDATE—March 24, 2025: This article was first published ahead of Hyundai's announcement, and has been updated since to reflect the announcement was made.
