Hyundai is set to announce a $20 billion investment in the United States to expand its manufacturing footprint, according to a CNBC report citing sources with knowledge of the matter.
The South Korean auto manufacturer is reportedly planning to invest $5 billion in the construction of a steel plant in Louisiana.
This plant will produce advanced steel for Hyundai's US EV manufacturing plants and is expected to create approximately 1,500 jobs.
This investment supports Hyundai's strategy to localize production and mitigate the impact of US tariffs on imported steel and vehicles.
It is expected the investment will be announced on Monday at the White House by Hyundai chairman Euisun Chung, US president Donald Trump, and Louisiana governor Jeff Landry.