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Photo = Hyundai Motor Group |
[Alpha Biz= Kim Jisun] Hyundai Motor Group has announced plans to invest a total of $20 billion (approximately 29 trillion KRW) in the United States, including $5 billion (around 7 trillion KRW) for the construction of a new steel plant. This investment also includes funding for automotive manufacturing facilities.
Ahead of the completion ceremony for the Hyundai Motor Group Metaplant America (HMGMA) in Georgia on March 26 (local time), Hyundai Motor Group Chairman Chung Eui-sun reportedly communicated this investment plan to U.S. authorities.
On Monday, a senior Hyundai Motor Group official stated, "At 2 p.m. U.S. Eastern Time (3 a.m. Korean time on the 25th), an investment announcement will be made at the White House with former U.S. President Donald Trump, Chairman Chung Eui-sun, and Louisiana Governor Jeff Landry in attendance."
The $20 billion investment is three times the size of the $7.6 billion investment in the soon-to-be-completed Metaplant, which will have an annual production capacity of 300,000 units.
The move is widely seen as a response to Trump's proposal to impose a 25% tariff on imported vehicles, prompting Hyundai to expand its U.S. production capabilities.
Of the $20 billion, $5 billion will be allocated to constructing a steel plant in Louisiana, which is expected to employ around 1,500 people. Given the investment size, the plant’s annual production capacity is projected to be in the millions of tons.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
