Hyundai Motor to Announce $30 Trillion Investment in the U.S. at the White House on the 24th

Announcement Scheduled at the White House Today
President Trump, Chairman Chung Euisun, and Others to Attend

Hyundai Motor Company is reportedly set to announce a new investment plan in the United States worth $20 billion (approximately 29.4 trillion KRW).

On the 24th (local time), the US CNBC broadcast reported, citing sources, that President Donald Trump, Hyundai Motor Chairman Chung Eui-sun, and Louisiana Governor John Bel Edwards will announce the investment plan at the White House.

Hyundai Motor will unveil a $20 billion investment plan in the US, including the establishment of a steel mill in Louisiana with an investment of $5 billion (approximately 7.3 trillion KRW). The Louisiana steel mill will employ 1,500 workers and produce next-generation steel necessary for electric vehicle manufacturing at Hyundai’s US automobile production plants.

Currently, Hyundai operates automobile plants in Alabama and Georgia, and on this day, it is also expected to announce the opening plan for its third plant in Georgia, named 'Hyundai Motor Group Meta Plant America (HMGMA)'.

This new US investment announcement by Hyundai comes just over a week before President Trump’s announcement of reciprocal tariffs on April 2. It is the first US investment plan announced by a Korean company since the start of Trump’s second term administration. Amid the tariff onslaught by President Trump, Taiwan’s TSMC and Japan’s SoftBank have also previously announced large-scale US investment plans at the White House.

In particular, the automobile sector is a major item of Korea’s trade surplus with the US, drawing attention to the potential impact of Hyundai’s investment plan on future tariff negotiations with the US. The US is expected to focus reciprocal tariffs on the so-called 'Dirty 15' countries with large trade deficits. Last year, Korea’s trade surplus with the US was $55.7 billion, making it the eighth largest trade deficit partner from the US perspective. Automobiles are the most sensitive export item. Of Korea’s $127.8 billion exports to the US last year, automobile exports accounted for 27%, totaling $34.7 billion.

In this regard, Hyundai Motor President Jos? Mu?oz recently stated in an interview with the US media Axios, "The best way for Hyundai to resolve tariff issues is to increase localization."