Hyundai Motor has announced a $21 billion investment in the US just days before President Donald Trump is set to impose new tariffs on trading partners. The South Korean carmaker plans to build a new steel plant in Louisiana, expand its vehicle production, and invest billions of dollars in technology including autonomous driving and artificial intelligence.
The $5.8 billion steel plant will produce over 2.7 million metric tons of steel per year and create over 1,400 jobs. Hyundai also aims to boost its US production capacity to 1.2 million vehicles by 2028, with a planned investment of $9 billion.
Additionally, the company has earmarked $6 billion to expand partnerships with US firms on technologies like self-driving vehicles, robotics, and AI. A new car and battery factory in Georgia is also set to be operational, with a total cost of $7.59 billion.
Hyundai’s investment is seen as a response to Trump’s plan to impose tariffs on countries around the world, which could potentially target Hyundai’s home country South Korea. This move comes after several companies announced plans to invest heavily in the US since Trump’s return to power.
Source: https://www.bbc.com/news/articles/cgkmvdz144vo