Hyundai Motor Group is expected to announce a $20 billion investment in the United States at the White House along with US President Donald Trump later in the day, CNBC's correspondent Seema Mody revealed on Monday on her X account, citing a source familiar with the plans.
According to the report, the South Korean automaker will invest $5 billion of the total $20 billion in a production facility to manufacture high-quality steel for vehicles produced in the United States.
Hyundai's ramp-up of investments in the US comes as it seeks to avoid the effects of the upcoming trade war, as Trump announced that 25% tariffs on all cars produced outside the US will go into effect on April 2.
