Hyundai is set to make a significant investment in the U.S., pledging $20 billion in onshoring initiatives that will boost American manufacturing and the production of electric vehicles. The announcement, expected to be made on Monday at the White House, will be delivered by Hyundai Chairman Euisun Chung, Louisiana Governor Jeff Landry, and President Donald Trump.
As part of this massive investment, Hyundai will fund the construction of a $5 billion steel plant in Louisiana. The plant, which is projected to create around 1,500 jobs, will produce next-generation steel. This steel will be a key material used in Hyundai’s two U.S. auto plants to manufacture electric vehicles (EVs). This move is part of Hyundai’s broader strategy to ramp up its EV production in the U.S. as demand for electric cars continues to grow.
The announcement comes at a time when major international companies are intensifying efforts to relocate or expand their manufacturing operations in the U.S. This shift, known as onshoring, is partly motivated by a desire to avoid tariffs and navigate the ongoing trade tensions ahead of President Trump’s April 2 tariff deadline. Hyundai’s move is in line with similar initiatives by other major foreign players, such as Taiwan Semiconductor Manufacturing Co. and Japan’s SoftBank, who have also visited the White House in recent months to unveil their plans for U.S. investments.
In addition to the steel plant, Hyundai is expected to announce the opening of a third automotive manufacturing facility in Georgia. The new plant will further bolster Hyundai’s footprint in the U.S., joining its existing plants in Alabama and Georgia. This expansion highlights Hyundai’s growing presence in the U.S. auto market, where it competes directly with electric vehicle leader Tesla.
Hyundai is already one of the top sellers of electric vehicles in the U.S., and this new investment underscores its commitment to further strengthening its position in the rapidly evolving electric vehicle sector. The U.S. government’s support for onshoring efforts is expected to play a crucial role in attracting more global manufacturers, as companies seek to ensure a competitive edge in both domestic and international markets.
