Environment
Hyundai has a multi-billion-dollar bet to dodge Trump’s tariffs, boost EVs in the US
The South Korean auto giant has no plans to slow down in the US. Hyundai will reportedly announce another $20 billion investment in the US later today. The funds will help boost local production, including a new steel plant for its upcoming EVs. President Donald Trump and Hyundai are expected to announce the new US investment later today.
Hyundai to invest another $20 billion in the US
Hyundai is coming off its best sales year ever in the US, selling over 836,800 vehicles, 4% more than it did in 2023. February was its fifth straight record sales month in the US.
Even with US President Trump raising import tariffs, Hyundai is confident the momentum will continue. According to a new CNBC report, Hyundai will announce a $20 billion investment in the US later today. Sources familiar with the matter said the plans include a $5 billion steel plant in Lousiana.
The facility will produce “next-generation steel” for Hyundai’s electric vehicles, creating around 1,500 jobs. Hyundai already has two major manufacturing plants in the US, one in Alabama and the other in Georgia.
According to the report, Hyundai will announce the opening of its third plant (also in Georgia) on Monday. Hyundai Chairman Euisun Chung, Louisiana Gov. Jeff Landry, and President Donald Trump are expected to announce the investment.
Trump targeted South Korea earlier this month, claiming its tariffs were four times higher than those of the US. The South Korean government shot back, saying the two countries had free trade, and the effective tariff rate on US imports was 0.79% last year.
The new investment comes ahead of Trump’s April 2 tariff deadline. Hyundai is already one of the top EV sellers in the US. The IONIQ 5 was the fourth top-selling EV in the US last year behind the Tesla Model Y, Model 3, and Ford’s Mustang Mach-E.
After a major refresh, the 2025 IONIQ 5 now has more range (up to 318 miles), improved style inside and out, and an NACS port for charging at Tesla Superchargers.
With its first three-row electric SUV, the IONIQ 9, arriving and production ramping up at its new EV plant in Georgia, Hyundai North America CEO Randy Parker said he’s “confident this momentum will continue.”
Check back soon for more details on the investment. We’ll keep you updated with the latest.
Source: CNBC
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