Hyundai to make $20 billion investment in U.S.

Hyundai has announced that it will make a $20 billion investment in the U.S. over the next three years.

The investment includes $5 billion for a steel plant in Louisiana.

President Trump says that steel will be sent to the Hyundai assembly plant in Montgomery and to other facilities in Georgia.

Hyundai says it plans to invest in improving its production facilities, including at the Montgomery plant and the Kia assembly plant that’s just across the state line in West Point, Georgia.

Trump has already enacted 25% tariffs on aluminum and steel imports. Levies on European and Asian vehicles are scheduled to start next month.

In a statement, Hyundai says it will spend $9 billion to expand U.S. vehicle production to 1.2 million units a year across its Hyundai, Kia and Genesis brands, as well as $6 billion to enhance parts, logistics and to strengthen supply chains.

The company says its investment is expected to create more than 100,000 direct and indirect job opportunities by 2028, including 14,000 direct full-time jobs.

Hyundai says it’s already invested $20.5 billion since entering the U.S. car market in 1986.

The company’s assembly plant in Montgomery opened in 2005 and will celebrate its 20th anniversary in May. In addition, many suppliers have their own operations in Alabama.

Hyundai is constructing an electric vehicle assembly plant and battery plant in southeast Georgia, which is expected to open this year.