Hyundai (HYMTF) is set to announce a $20B investment in U.S. onshoring that includes a $5B steel plant in Louisiana, people familiar with the plans told CNBC’s Seema Mody. The new steel plant will produce next-generation steel that will be used by Hyundai’s two U.S. auto plants to manufacture electric vehicles, the report noted. The investment is expected to be announced Monday at the White House by President Donald Trump, Hyundai Chairman Euisun Chung and Louisiana Gov. Jeff Landry, CNBC added. The South Korean company is a top seller of electric vehicles in the U.S. that competes directly with Tesla (TSLA), noted the report. Other publicly traded automakers include Ford (F), General Motors (GM), Honda (HMC), Mercedes-Benz (MBGYY), Nissan (NSANY), Stellantis (STLA), Toyota (TM) and Volkswagen (VWAGY).
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