Hyundai display at the International Motor Show in New York on March 28, 2024.
Danielle Devries | CNBC
South Korean conglomerate Hyundai will announce an investment in American investment in American, which includes a steel factory of $ 5 billion in Louisiana, according to people familiar with plans.
The plant will hire approximately 1,500 employees and will produce the steel of the next generation that Hyundai’s two US car plants will use to produce electric vehicles. The investment is expected to be published by President Donald Trump, President of Hyundai Euisun Chung and Vladin Louisiana Jeff Landry on Monday.
Hyundai’s announcement comes because the main international conglomerates are racing to avoid tariffs and avoid the trade war on the eve of Trump’s Tariff Road from April 2. The TSMC Taiwanese and Japanese S
Hyundai Motor Executive José Muñoz Recently said Axios that “is the best way to [Hyundai] To move tariff means to increase the localization. “
The South Korean company is a top electric vehicle seller in the United States, competing directly with Tesla. It already has two main car plants in the US, one in Alabama and the other in Georgia. Hyundai is expected to announce the opening of a third car plant on Monday, also in Georgia.
South Korea is also among the countries with which he now has a trade deficit. Trump in early March separated South Korea for the application of high tariffs to US exports, saying that the Asian ally tariffs were four times higher than those in the United States.
Seoul challenged that imbalance. Since 2024, the effective tariff rate of South Korea on imports to the United States was 0.79% because the two countries have a free trade pact, according to the South Korean government.
The White House did not immediately return the comment request on Monday. Hyundai refused to comment.
