Hyundai unveils $21bn US funding as Trump tariffs loom | EUROtoday

South Korean carmaking large Hyundai has unveiled $21bn (£16.3bn) of funding within the US.

The plan features a new $5.8bn metal plant within the southern state of Louisiana.

Hyundai additionally stated it should develop its American car manufacturing and make investments billions of {dollars} in new expertise together with autonomous driving and synthetic intelligence (AI).

The announcement alongside US President Donald Trump comes as his administration is ready to impose new tariffs on buying and selling companions from 2 April.

“Money is pouring in. We want to keep it that way,” Trump stated in the course of the occasion on the White House on Monday.

“This investment is a clear demonstration that tariffs very strongly work.”

Trump added that extra tariffs on car imports are more likely to be introduced this week.

Hyundai stated the brand new steelmaking facility will produce greater than 2.7 million metric tons of metal a yr and create greater than 1,400 jobs.

It is predicted to make metal for Hyundai’s vegetation in Alabama and Georgia.

The announcement additionally consists of plans to take a position $9bn to spice up the agency’s manufacturing within the US to 1.2 million autos a yr by 2028.

Hyundai additionally stated it had earmarked $6bn to develop partnerships with US corporations to develop applied sciences together with self-driving autos, robotics and AI.

On Wednesday, Hyundai Motor is ready to carry a gap ceremony for a brand new $7.59bn automobile and battery manufacturing facility in Georgia.

It already has a producing facility in Alabama and its affiliate Kia has a manufacturing facility in Georgia.

When totally operational, the three vegetation could have capability to make 1,000,000 autos a yr, the corporate stated.

Hyundai additionally stated it will purchase $3bn price of liquefied pure gasoline (LNG) from the US.

Since Trump’s return to energy a number of corporations have introduced plans to make main investments within the US.

But among the bulletins have been reiterations of beforehand publicised plans.

During the Biden administration, Hyundai stated it will make investments about $10bn in new expertise by 2025.

The newest announcement comes simply days earlier than Trump has stated he’ll impose reciprocal tariffs on nations all over the world.

The newest spherical of import taxes might doubtlessly goal Hyundai’s house nation South Korea, which has a big commerce surplus with the US.

Last month, Trump ordered a 25% import tax on all metal and aluminium coming into the US.

He additionally prolonged the levies to incorporate a whole bunch of metallic merchandise from nuts and bolts to drinks cans.

In latest weeks, US carmakers, together with General Motors and Ford, have been calling on the US president to exempt imports of automobiles and car elements from new tariffs.