Hyundai to invest $20 billion in the U.S. soon

According to persons familiar with the plans, South Korean company Hyundai is set to unveil a $20 billion investment in U.S. onshoring, which includes a $5 billion steel facility in Louisiana.

The mill will create next-generation steel that Hyundai’s two U.S. car plants will utilize to make electric vehicles, and it is expected to hire about 1,500 workers. President Donald Trump, Louisiana Governor Jeff Landry, and Hyundai Chairman Euisun Chung are anticipated to announce the White House on Monday.

Hyundai’s announcement coincides with the rush by large global corporations to evade tariffs and prevent a trade war in the run-up to Trump’s tariff deadline of April 2. Major foreign companies that have visited the White House in the past two months to announce significant U.S. onshoring ambitions include Japan’s Softbank and Taiwan’s TSMC.

José Muñoz, the CEO of Hyundai Motor, recently told Axios that “increasing localization is the best way for [Hyundai] to navigate tariffs.”

Directly competing with Tesla, the South Korean company is one of the leading sellers of electric automobiles in the United States. It currently operates two sizable vehicle factories in the United States: one in Georgia and one in Alabama. Hyundai is also anticipated to announce the opening of a third car facility in Georgia on Monday.

The United States has a trade imbalance with many nations, including South Korea. Trump criticized South Korea in early March for imposing high tariffs on American products, claiming that the Asian ally’s levies were four times greater than the US’s.

Seoul has denied that disparity. According to the South Korean government, because the two nations have a free trade agreement, South Korea’s effective tariff rate on U.S. imports was 0.79% as of 2024.

A request for comment on Monday’s announcement was not immediately answered by the White House. Hyundai chose not to respond.

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