Hyundai $HYMTF ( ▼ 7.44% ) has pledged a $21 billion investment through 2028 to expand its manufacturing footprint in the U.S.
The plan includes $6 billion for a new steel plant in Louisiana that will produce 2.7 million tons of steel annually and employ 1,300 people.
Another $9 billion will go toward expanding vehicle production
Meanwhile— the remaining $6 billion will fund renewable energy efforts, EV chargers, and research on robots and autonomous driving.
Why it matters: The announcement comes just days before the Trump administration will greenlight new tariffs, and increasing U.S. investment might be the best insulation that automakers have.
At a White House event, President Trump called the investment evidence that his tariff policies—thus far—are working.
What they’re saying: “Money is pouring in,” he said, standing alongside Louisiana Governor Jeff Landry and Hyundai Executive Chair Euisun Chung. “This investment is a clear demonstration that tariffs very strongly work.” Now—he added, “Hyundai won’t have to pay any tariffs.”
Big picture: Over the next four years—the investment is expected to create more than 100,000 “direct and indirect job opportunities,” including 14,000 direct full-time jobs.
Bottom line: Overnight—Hyundai became a poster child for President Trump’s U.S. manufacturing vision. Time will tell if other automakers follow suit.
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