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Hyundai will invest $21 billion to increase production in the USA

The CEO of Hyundai Motor Company, Jose Munoz, appeared on the TV show 'The Claman Countdown', where he talked about new major investments by Hyundai Motor Group in the USA.

His appearance came on the same day the automaker celebrated the official opening of Hyundai Motor Group Metaplant America (HMGMA) in Savannah, Georgia. A few days ago, Hyundai also announced it will invest $21 billion to increase production in the USA over the next few years.

'We are opening what is known as the HMGMA Metaplant America, which costs $12.6 billion. This is one assembly line with a capacity of 300,000 vehicles, which I announced today, and will grow to 500,000 vehicles, as well as two battery production plants,' Munoz told host Liz Claman. 'As you noted at the beginning of the interview, our executive chairman, Mr. Chung, announced before the President of the United States, President Trump, that we plan to invest $21 billion by 2028 in several mega-projects, including a new electric arc steel melting plant in Louisiana.'

Under the new investment program that Hyundai announced on Monday, the company will be allocated $21 billion, of which $9 billion will be used to increase annual productivity in the USA to 1.2 million vehicles, $6 billion will be spent on 'improving localization and logistics of components', and $6 billion will go to 'cooperation in future industries' such as autonomous driving and robotics, as well as energy infrastructure, the company stated.

HYUNDAI INVESTS $20 BILLION IN THE USA TO INCREASE PRODUCTION

In his speech on 'The Claman Countdown', Jose Munoz said that the company made the important decision to invest in America during the previous Trump administration.

'America is our largest market, and therefore we decided to make the largest investments in the world at $12.6 billion,' he said. 'It is significantly better to deal with potential tariffs by localizing our production in America and creating jobs.'

Jose Munoz continued: 'Many are unaware that we are actually a large corporation that produces not only cars but also steel and many other things. With all the new investments we announced on Monday, we will create approximately 670,000 jobs, both directly and indirectly. That is a huge number.'

He noted that the vehicles that Hyundai will produce at its plant in Savannah, Georgia, will 'most likely not face tariff burdens.'

PRESIDENT TRUMP ANNOUNCES NEW TARIFF ON CARS

The automaker has become the latest among a growing number of companies announcing plans to increase investments in the USA during the Trump administration, which uses tariffs to encourage companies to bring manufacturing back to American soil and reduce dependence on foreign goods.

Since taking office, Trump has implemented a series of tariffs, including a 20% rate on goods imported to the USA from China. Mexico and Canada also faced tariffs, but Trump later established exemptions for these two countries on goods under the US-Mexico-Canada agreement until April.

There has also been strengthening of tariffs on steel and aluminum imports.