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South Korea’s Hyundai Motor Group on Tuesday announced plans to raise its investment commitment in the United States to $26 billion over the next four years, with a focus on steel, automobiles, and robotics. The move comes on the heels of South Korean President Lee Jae Myung’s first summit with US President Donald Trump in Washington on Monday, IANS reports.
The new pledge marks a sharp increase from Hyundai’s $21 billion investment plan unveiled in March.
“Through the investment, Hyundai Motor Group will respond to US government policies and expand business opportunities in various areas to bolster its future competitiveness in the mobility sector,” the company said in a statement.
As part of the plan, Hyundai will build a steel plant in Louisiana with an annual production capacity of 2.7 million tonnes. The facility will supply low-carbon steel for strategic industries and support the group’s integrated value chain, linking steel, auto parts, and finished vehicles.
Boosting car production
Hyundai also aims to ramp up its US car production capacity. The company, which produced around 700,000 units last year, has committed to expanding significantly across multiple lineups, including electric and hybrid vehicles. In March, it had pledged to scale production to 1.2 million units annually.
Further, the automaker will establish a robotics plant in the US with an annual capacity of 30,000 units. The new unit is expected to strengthen Hyundai’s robotics business, spearheaded by Boston Dynamics, though details on location and timelines were not disclosed.
The announcement coincides with the signing of 11 memorandums of understanding between South Korea and the United States covering cooperation in shipbuilding, nuclear energy, aviation, liquefied natural gas, and critical minerals, according to Seoul’s industry ministry.
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