South Korean car manufacturer Hyundai says it will spend $21bn in the US between now and 2028 to boost in-country vehicle production, localise supply chains, and improve its energy infrastructure.
That’s more than the $20.5bn the company is estimated to have invested in the US since it entered the country 39 years ago, in 1986.
Hyundai revealed the plan on Tuesday, two days before President Donald Trump announced a 25% tariff on all imported cars and vehicles.
Where the money’s going
$9bn will go to boosting Hyundai’s production capacity to 1.2 million vehicles across its Hyundai Motor, Kia and Genesis brands.
$6bn will be spent on expanding its parts, logistics and steel businesses, and localising its supply chains.
This includes building a facility in Louisiana capable of producing 2.7 million tons of steel a year.
A further $6bn will be spent on projects with third parties, including partnering with Boston Dynamics to create robotic components for a mass-production system.
It will also work with: NVIDIA on artificial intelligence for autonomous driving and robotics; Ionna to improve access to charging points; and Holtec on Small Modular Reactor technology.
It will also supply robotaxis to California’s Waymo, an autonomous-vehicle ride-hailing service.
100,000 jobs
The company says the investments will create 100,000 jobs by 2028, including 14,000 direct ones.
“Hyundai Motor Group is deepening its partnership with the United States, reinforcing our shared vision for American industrial leadership,” the company said.
A 25% tariff on all imported aluminium and steel took effect earlier this month, after an initial delay.
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