Key Takeaways
- South Korean automaker Hyundai announced a roughly $21 billion manufacturing investment in the U.S.
- The plan was announced by Hyundai executives at the White House Monday with President Trump and Louisiana Gov. Jeff Landry.
- As part of the investment, Hyundai is expected to build a $5.8 billion steel plant in Louisiana.
Hyundai has become the latest company to announce a major manufacturing investment in the U.S.
Executives from the South Korean automaker met with President Donald Trump at the White House Monday to announce a roughly $21 billion investment, which includes building a $5.8 billion steel plant in Louisiana. That state’s governor, Jeff Landry, also attended.
The news comes after chipmaking giant Taiwan Semiconductor Manufacturing Co. (TSM) and Japanese conglomerate SoftBank, recently announced they would pump billions into the U.S. as President Trump prioritizes increasing domestic manufacturing.
In addition, Trump has said he would be slapping reciprocal tariffs on foreign imports on April 2. Earlier this year, Hyundai CEO José Muñoz told Axios the firm had “decided to invest big time in America as the most important market,” because “the best way for us to navigate tariffs is to increase localization.”
UPDATE—March 24, 2025: This article was first published ahead of Hyundai’s announcement, and has been updated since to reflect the announcement was made.
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