Hyundai Motor Group, which owns the Kia and Genesis brands, has announced plans to invest $21 billion in the United States to enhance its supply chain and expand local production.
As part of this initiative, Hyundai Steel, a subsidiary of the conglomerate, will invest $5.8 billion in a new steel plant in Louisiana. The facility is expected to create approximately 1,300 jobs and produce over 2.7 million metric tons of steel annually for Hyundai’s vehicle manufacturing operations. Hyundai Executive Chairman Euisun Chung highlighted that the investment aims to build a more self-reliant and secure automotive supply chain in the U.S.
Hyundai currently operates a manufacturing plant in Montgomery, Alabama, where several models are produced, and has recently begun manufacturing electric SUVs at its facility near Savannah, Georgia. Kia also produces electric and gasoline-powered vehicles at its plant in West Point, Georgia.
The investment aligns with broader trends in the automotive industry, where manufacturers are seeking to localize supply chains and production. Several multinational companies, including technology and automotive firms, have announced similar expansion plans in the U.S. in recent months.
Additionally, Hyundai Motor Group will purchase $3 billion worth of U.S. liquefied natural gas as part of its efforts to support energy security and sustainability.
The company has reaffirmed its commitment to strengthening its presence in the U.S. market. Hyundai’s Georgia plant is set to increase production of electric and hybrid models, including the Ioniq 5 and Ioniq 9, as the company advances its electrification strategy.
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