The South Korean auto big has no plans to decelerate within the US. Hyundai will reportedly announce one other $20 billion funding within the US later in the present day. The funds will assist increase native manufacturing, together with a brand new metal plant for its upcoming EVs. President Donald Trump and Hyundai are anticipated to announce the brand new US funding later in the present day.
Hyundai to speculate one other $20 billion within the US
Hyundai is coming off its greatest gross sales yr ever within the US, promoting over 836,800 autos, 4% greater than it did in 2023. February was its fifth straight document gross sales month within the US.
Even with US President Trump elevating import tariffs, Hyundai is assured the momentum will proceed. Based on a brand new CNBC report, Hyundai will announce a $20 billion funding within the US later in the present day. Sources acquainted with the matter stated the plans embrace a $5 billion metal plant in Lousiana.
The power will produce “next-generation metal” for Hyundai’s electrical autos, creating round 1,500 jobs. Hyundai already has two main manufacturing crops within the US, one in Alabama and the opposite in Georgia.
Based on the report, Hyundai will announce the opening of its third plant (additionally in Georgia) on Monday. Hyundai Chairman Euisun Chung, Louisiana Gov. Jeff Landry, and President Donald Trump are anticipated to announce the funding.
Trump focused South Korea earlier this month, claiming its tariffs have been 4 instances increased than these of the US. The South Korean authorities shot again, saying the 2 international locations had free commerce, and the efficient tariff price on US imports was 0.79% final yr.
The brand new funding comes forward of Trump’s April 2 tariff deadline. Hyundai is already one of many prime EV sellers within the US. The IONIQ 5 was the fourth top-selling EV within the US final yr behind the Tesla Mannequin Y, Mannequin 3, and Ford’s Mustang Mach-E.
After a serious refresh, the 2025 IONIQ 5 now has extra vary (as much as 318 miles), improved fashion inside and outside, and an NACS port for charging at Tesla Superchargers.
With its first three-row electrical SUV, the IONIQ 9, arriving and manufacturing ramping up at its new EV plant in Georgia, Hyundai North America CEO Randy Parker stated he’s “assured this momentum will proceed.”
Examine again quickly for extra particulars on the funding. We’ll hold you up to date with the most recent.
Supply: CNBC
