South Korea-based Hyundai Motor Corp. announced plans Monday for a $21 billion investment in its U.S. operations, including upgrades and capacity expansion at Hyundai Motor Manufacturing Alabama in Montgomery.
The investment, planned between this year and 2028, aims to increase automobile production, localize steel and part production to avoid supply chain issues, and invest in EV charging infrastructure, among other goals.
Also Monday, related firm Hyundai Steel announced plans for a $5.1 billion electric-arc steel mill in Louisiana, able to produce steel for Hyundai and Kia vehicles. The plant plans to produce low carbon steel from scrap steel.
Hyundai also plans to open its Metaplant in Georgia this week.
Hyundai Motor broke down its $21 billion investment in three units:
- $9 billion to increase auto production capacity for Hyundai, Kia and Genesis vehicles to 1.2 million vehicles. This includes Hyundai Motor Manufacturing Alabama.
- $6 billion to localize part and component production, including EV battery packs.
- $6 billion to innovative programs including work with Boston Dynamics on robotic processes and with NVIDIA on AI systems, providing robotaxis to Waymo and more. This investment includes initiatives to support sustainable energy projects.
Hyundai anticipates 14,000 new direct jobs as a result of the investment.
