Hyundai is set to unveil a whopping $20 billion investment plan in US production. This massive move is part of a broader shift to bring manufacturing back to the States, a trend known as “onshoring.” The announcement is expected to take place at the White House, with President Donald Trump, Hyundai Avishan Chung, and Louisiana Governor Jeff Landry in attendance.
This shift comes as big businesses worldwide try to dodge taxes and trade tensions. President Trump’s new tariff deadline is just around the corner – April 2.
One key project is a new steel plant in Louisiana, which will get a $5 billion investment. The factory will create around 1,500 jobs and produce steel for Hyundai’s electric vehicles made in two US plants.
Why it matters
Hyundai is a major electric vehicle maker in the US, competing directly with Tesla. The company already has two US factories – one in Alabama and one in Georgia. This investment is a big deal for the industry.
Key details
- Hyundai’s $20 billion investment plan for US production
- New steel plant in Louisiana with a $5 billion investment
- 1,500 jobs to be created at the factory
- Steel production for Hyundai’s US-made electric vehicles
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