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Here’s a breakdown of Hyundai’s $21bn investment in the US, which will run from 2025 to 2028.

$9bn to expand U.S. automobile production to 1.2 million units annually

$6bn to enhance parts, logistics and steel business, increasing the localization of auto parts and strengthening supply chains

$6bn to expand future industries and strengthen external partnerships and energy infrastructure, including EV charging

Investment is expected to create more than 100,000 direct and indirect job opportunities by 2028, including 14,000 direct full-time jobs

“It’s deepening our partnership with the United States and reinforcing our shared vision for American industrial leadership.”

“We’re delighted to report that Hyundai is announcing a major $5.8bn investment in American manufacturing.

Money is pouring in and we want to keep it that way.”