Photo : YONHAP News
Hyundai Motor Group said on Monday that it will invest 21 billion dollars or 31 trillion won in the United States through 2028. Hyundai’s executive chairman Chung Eui-sun announced the plan at a White House event alongside with U.S. President Donald Trump, who called the investment a “clear demonstration” that his tariff policy very strongly works. Chung said that he is pleased to announce an additional 21 billion dollars in new investment over the next four years, adding the plan includes an investment of eight-point-six billion dollars for the automotive sector, six-point-one billion dollars for the steel industry, component parts and logistics, and six-point-three billion dollars for future industry sectors and energy. The South Korean automaker plans to open a new automotive plant in Georgia this week, with an aim to increase its U.S. vehicle production capacity to over one-point-two million units per year.
Chung also announced a plan to build a new steel plant in Louisiana, which will produce two-point-seven million metric tons of steel each year and supply automotive steel plates for the automaker’s vehicles produced in the U.S.