Seoul, South Korea – Hyundai Motor Group don announce $21 billion investment for United States over next four years, wey go involve new steel plant for Louisiana and boost vehicle production.
The investment plan, revealed by Hyundai Executive Chair Euisun Chung alongside President Donald Trump and Louisiana Governor Jeff Landry for White House on Monday, go increase Hyundai’s production capacity to 1.2 million vehicles per year by 2028.
Trump wey dey tout the investment as victory for him trade policies talk say, “Money dey pour inside. We wan keep am that way,” during the announcement. He also add say more tariffs on vehicle imports fit dey come this week.
Hyundai new steel plant go fit produce over 2.7 million metric tons of steel annually and create more than 1,400 jobs. Dis steel go supply Hyundai factories wey dey for Alabama and Georgia, as dem increase their production capacity.
The investment also include $9 billion to enhance vehicle production and $6 billion to expand partnership with American companies to develop technology like self-driving vehicles and artificial intelligence (AI).
Ahead of dis investment announcement, Hyundai don already plan to open a new $7.59 billion car and battery factory for Georgia. Sabi say dem get factory for Alabama and Kia also dey operate factory for Georgia so dat once all dis plants dey fully operational, them go fit produce up to one million vehicles each year.
Hyundai dey also plan to purchase $3 billion worth of liquefied natural gas (LNG) from the US as part of dis investment strategy. Dis decision don dey analyzed by industry watchers as part of a move to stay afloat amid the rising tariffs imposed by Trump administration.
Importantly, dis investment dey come few days before Trump announce new tariffs wey fit affect South Korea, wey be Hyundai home country. Industry analysts believe say dis sharpening of trade policies na reason wey lead to Hyundai’s major investment announcement.
During Trump first term, Hyundai don sell 1.7 million vehicles for USA, which be increase of 3.4% from previous year, solidifying their position as one of the top automakers for the US market.
One automotive industry analyst wey talk under condition of anonymity explain say, “The timing and scale of dis investment na direct response to Trump trade policies wey dey emphasize local production to avoid tariffs.”
Trump dey hail dis investment as a major win, saying, “Hyundai go dey produce steel for America and dey make cars for America,” ensuring say dem no go pay any tariffs. As the plans unfold, many dey watch to see how this investment go affect the trade dynamics between South Korea and America.
Overall, dis bold move by Hyundai could reshape the landscape for foreign automakers dey operate for the US market as dis dey follow mounting local pressure for increased manufacturing and employment opportunities.
