Hyundai Motor Group Executive Chair Chung Eui-sun said on March 24 that the South Korean automaker will invest $21 billion in the United States over the next four years, including the construction of an electric arc furnace steel plant as part of its North American expansion.
Speaking at the White House alongside U.S. President Donald Trump, Chung said Hyundai’s investment is its largest-ever in the country and aims to strengthen its supply chain for steel and auto parts.
Trump welcomed the move, saying it was proof that his tariff policies were working.
“The tariffs are bringing them in at levels that have not been witnessed. Hyundai will be producing steel in America and making its cars in America,” he said. “As a result, they will not have to pay any tariffs. You know, there are no tariffs if you make your product in America. ... That’s why so many people are coming.”
The announcement comes just ahead of Trump’s planned implementation of “reciprocal tariffs” on April 2.
Hyundai’s investment includes $8.6 billion for vehicle production, $6.1 billion for parts and logistics—including steel—and $6.3 billion for future energy industries. The company will expand production capacity at its electric vehicle plant in Savannah, Georgia, from 300,000 to 500,000 units annually, bringing its total U.S. output to 1.2 million vehicles per year.
As part of its efforts to localize auto parts production, Hyundai Steel will build a 2.7-million-ton electric arc furnace plant in Louisiana. The facility will focus on producing low-carbon steel for Hyundai’s U.S. factories, ensuring supply amid Trump’s 25% tariff on foreign-made steel, imposed on March 12. Louisiana is also the home state of House Speaker Mike Johnson, a Republican leader who attended the announcement alongside Louisiana Governor Jeff Landry.
Chung emphasized Hyundai’s commitment to bolstering American manufacturing.
“Today, I am pleased to announce an additional $21 billion in new investment over the next four years—our largest U.S. investment ever. A key part of this commitment is our $6 billion investment to strengthen the U.S. supply chain for steel and parts for automobiles,” he said.
“We are especially excited about Hyundai Steel’s multibillion (dollar) investment in a new facility in Louisiana, which will create 1,300 American jobs and serve as a foundation for a more self-reliant and secure automotive supply chain in the U.S.,” he added.
Chung also pledged to purchase $3 billion worth of U.S.-produced liquefied natural gas to support the country’s energy industry and enhance energy security.
“I’d like to personally invite you to visit one of our state-of-the-art manufacturing facilities and see firsthand our commitment to the United States and American workers,” Chung told Trump.
Trump responded, “Okay.”
Later, during a Q&A session with reporters in the room, Trump said that Hyundai would not face permitting issues under his administration.
“If you have any trouble getting permits—which you won’t—come see me. I will get it for you. All right? But you are not gonna have any trouble,” Trump said.
Earlier this year, Hyundai Motor Group announced a record 24.3 trillion won ($18 billion) investment in mobility innovation, focusing on South Korea as a global hub for future technologies. The investment, a 19% increase from 2024, includes 11.5 trillion won for research and development, 12 trillion won for capital expenditures, and 800 billion won for strategic investments.
A Hyundai spokesperson said in a separate statement that the company aims to create future opportunities through bold investments, developing in-house technologies, and forming strategic partnerships with top-tier global firms.
