Photo: Brendan Smialowski/AFP
Eurasia
24/03/2025 23:16
Speaking at a White House event, President Trump said that as part of the programme, Hyundai will invest $5.8 billion to expand its US production capacity, including $1.8 billion for a new steel plant in Louisiana, which is expected to create 1,400 jobs.
The Louisiana facility will have an annual capacity of 2.7 million tonnes and will supply raw materials to Hyundai’s vehicle and parts manufacturing plants in Georgia and Alabama. Trump added that Hyundai’s US car production capacity will soon reach one million units per year.
The president pointed to the announcement as further evidence that the administration’s tariff-based economic policy is succeeding in attracting manufacturing investments to the United States, free from foreign tariffs. He also indicated that new tariffs on automobile imports would be announced in the coming days.
Hyundai’s Executive Chairman Jung Eishun also revealed that the company plans to purchase $3 billion worth of US liquefied natural gas to enhance South Korea’s energy security while supporting the US energy sector.
Jung highlighted the upcoming opening of Hyundai’s car plant in Georgia, a project agreed upon during Trump’s first term in 2019. He described the newly announced $21 billion programme as the company’s largest-ever investment in the United States.
He also noted that Hyundai has been present in the American market since 1986 and has invested more than $20 billion in the country to date.
