Chung Eui-sun, chairman of Hyundai Motor Company, announced on the 24th (local time) that the company will invest $21 billion (approximately 30 trillion won) in the United States over the next four years, including the construction of an electric steel mill.
On this day, Chairman Chung made the announcement in the Roosevelt Room of the White House in the presence of U.S. President Donald Trump, House Speaker Mike Johnson, House Majority Leader Steve Scalise, Louisiana Governor Jeff Landry, and others. The event was hosted directly by President Trump.
On this day, Hyundai announced that it will invest $8.6 billion in automobiles, $6.1 billion in parts, logistics, and steel, and $6.3 billion in Mirae Industries. Chairman Chung noted, "This is the largest investment Hyundai has ever made in the United States."
President Trump said, "Hyundai is truly a great company," adding, "Hyundai produces steel and automobiles in the United States, so it doesn’t have to pay tariffs." The announcement of Hyundai's massive investment came just before Trump indicated on April 2 that he would impose 'reciprocal tariffs.'
Chairman Chung invited President Trump to "personally visit our cutting-edge manufacturing facility to confirm our commitment to the U.S. and American workers," to which Trump responded, "Okay."