South Korean-based Hyundai announced a $20 billion investment in the United States, joining a growing list of foreign companies investing in the world’s largest economy.
Hyundai Executive Chairman Chung Eui-sun, appearing alongside President Donald Trump and Louisiana Gov. Jeff Landry, unveiled the onshoring plan at the White House.
The investment will include a $5.8 billion steel plant in Louisiana. Hyundai says the new facility will hire about 1,400 employees and manufacture next-generation steel used by its two factories to produce electric vehicles.
Chung called this the company’s largest U.S. investment ever.
“All of these efforts will accelerate the localization of our supply chain in the U.S. to expand our operations and grow our American workforce,” Chung said. “With your leadership, Mr. President, Hyundai Motor Group is proud to be a strong partner in America’s industrial future.”…