Hyundai Motor Group says it plans to invest $21 billion in U.S. manufacturing over the next four years.
In a statement on Monday, the company laid out plans to allocate billions of dollars to expand auto manufacturing, parts supply chains and infrastructure and charging for electric vehicles.
The investment will create some 14,000 full-time jobs and may account for as many as 100,000 "direct or indirect" positions through 2028, Hyundai said.
"Hyundai Motor Group is deepening its partnership with the United States, reinforcing our shared vision for American industrial leadership. The Group’s investment and efforts will further expand our operations in the U.S. and grow our American workforce," the company said in its statement.
Hyundai says it will eventually be making 1.2 million vehicles per year in the U.S., which will be sold as Hyundai, Kia and Genesis models.
It will update factories in Alabama and Georgia and build a steel mill in Louisiana that will turn U.S. scrap steel into new parts. Other money will go toward U.S. manufacturing of battery packs for EVs, increasing robotics production and developing AI.
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President Donald Trump commented on the new investment Monday, saying the tariffs he has established or threatened are translating to more domestic investment in auto manufacturing.
"There are no tariffs if you make your product in America," President Trump said at a White House event.
"Cars are coming into this country at levels never seen before," he said. "Get ready."
