Hyundai Motor Group and Posco Holdings signed a memorandum of understanding for a U.S. steel plant in Louisiana, which underscores Hyundai's investment strategy in the U.S. amidst President Trump's imposed tariffs. With an investment of $5.8 billion, the facility is anticipated to have a production capacity of 2.7 million tonnes annually, starting in 2029. This move is part of Hyundai's broader $21 billion strategy aimed at localizing production and mitigating tariff impacts. Additionally, Hyundai has launched the Assurance Program to maintain price stability for customers during tariff-induced uncertainties.
President Trump imposed 25% tariffs on South Korea this month but paused the levies for three months later, creating an opportunity for strategic partnerships.
Hyundai Motor and its partners are investing $12.6 billion in an assembly plant and two battery joint ventures, enabling additional production capacity to combat tariffs.
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