Hyundai announced a $21 billion investment in U.S. onshoring, including a $5.8 billion steel plant in Louisiana employing 1,400 workers to support electric vehicle production.
The investment aims to navigate tariffs and boost localization. Hyundai, a major EV competitor to Tesla, also announced a third U.S. auto plant in Georgia.
The move follows pressure from the Trump administration over trade deficits and high tariffs on U.S. exports to South Korea.