Hyundai Commits $21 Billion to Expand U.S. Operations.

Seoul, South Korea—Hyundai Motor Group said on Tuesday it will invest $21 billion in the United States over the next four years. 

The South Korean automaker seeks to expand its manufacturing footprint and develop new technologies in one of its key markets.

The company said that the investment will be split across three main areas, with $9 billion earmarked for increasing U.S. vehicle production capacity to 1.2 million units annually across its Hyundai, Kia, and Genesis brands.

Hyundai will allocate $6 billion to strengthen its supply chain. 

This will include increasing the localization of auto parts, including electric vehicle components such as battery packs, and investing in steel production.

As part of this allocation, Hyundai Steel plans to build an Electric Arc Furnace steel mill in Louisiana with an annual capacity of 2.7 million tons. 

The mill will produce low-carbon steel sheets using U.S. steel scrap.

According to the company, the remaining $6 billion will fund partnerships in autonomous driving, robotics, artificial intelligence, and advanced air mobility, including collaborations with Boston Dynamics, NVIDIA, and Aptiv.

The automaker said the investment is expected to create 14,000 direct full-time jobs and over 100,000 direct and indirect employment opportunities by 2028.

Hyundai Motor Group has invested approximately $20.5 billion in the United States since entering the market in 1986.

The company plans to officially open its Hyundai Motor Group Metaplant America in Georgia later this week. 

The facility has been under construction for two and a half years.