Hyundai announces US$ 21 bil. investment plan in U.S. as executive chair meets Trump

Thank you for joining us. I'm Yoon Jung-min.

Hyundai Motor has pledged an investment of 21-billion dollars in the U.S. over the next four years.

This comes ahead of America's new tariffs that are set to go into effect next week.

Lee Seung-jae has the details.

Hyundai Motor Group Executive Chairman Chung Eui-sun met with U.S. President Donald Trump at the White House on Monday.

There, Chung announced that South Korea's largest automaker will be investing 21 billion U.S. dollars in the United States through 2028.

"Hyundai Motors entered the U.S. in 1986. Since then, we have invested over 20 billion dollars and now support more than 570,000 American jobs across all 50 nation states. Today, I'm pleased to announce an additional 21 billion dollars in a new investment over the next four years. Our largest U.S. invest ever."

The investment includes 8-point-6 billion dollars for the automotive sector, 6-point-1 billion dollars for the steel industry, components parts and logistics and 6-point-3 billion dollars for future industry sectors and energy.

Chung also announced that the company will open a new 8 billion dollar automotive plant in Georgia later this week,.. that will allow its U.S. car production to exceed 1 million units per year.

According to the U.S. president, the 21 billion dollar investment will give Hyundai Motor Group a pass from his tariff policies.

"Hyundai will be producing steel in America and making its cars in America. And as a result, they'll not have to pay any tariffs. You know, there are no tariffs if you make your product in America."

Trump also said on Monday that his administration will announce tariffs on automobiles "over the next few days."

His remarks have raised speculation that new tariffs on cars could come before he announces his reciprocal tariffs on April 2nd.

Trump also emphasized that Hyundai's massive investment is "clear" evidence that his tariff policy is effective.

Lee Seung-jae, Arirang News.