https://www.bbc.com/news/articles/cgkmvdz144vo
The plan includes a new $5.8bn steel plant in the southern state of Louisiana.
Hyundai also said it will expand its American vehicle production and invest billions of dollars in new technology including autonomous driving and artificial intelligence (AI).
“This investment is a clear demonstration that tariffs very strongly work,” Trump said during the event at the White House on Monday. He added that more tariffs on vehicle imports are likely to be announced this week.
Hyundai said the new steelmaking facility will produce more than 2.7 million metric tons of steel a year and create more than 1,400 jobs. It is expected to make steel for Hyundai’s plants in Alabama and Georgia.
The announcement also included plans to invest $9bn to boost the firm’s production in the US to 1.2 million vehicles a year by 2028. Hyundai also said it had earmarked $6bn to expand partnerships with US firms to develop technologies including self-driving vehicles, robotics and AI.
On Wednesday, Hyundai Motor is set to hold an opening ceremony for a new $7.59bn car and battery factory in Georgia.
It already has a manufacturing facility in Alabama and its affiliate Kia has a factory in Georgia.
When fully operational, the three plants will have capacity to make a million vehicles a year, the company said.