Hyundai plans to invest $20 billion to bring manufacturing operations to the U.S., a White House official confirmed to FOX Business.

Part of the investment from the South Korean automaker will go toward building a next-generation steel plant. The materials will be used in two of its U.S. plants and will employ 1,500 people. The rest of the money will be earmarked to expand manufacturing in the U.S. 

The automaker is the latest among a growing number of companies announcing plans to increase investment in the U.S. under the Trump administration, which has been using tariffs to encourage companies to bring manufacturing back to American soil and reduce reliance on foreign goods. 

APPLE UNVEILS HISTORIC $500B INVESTMENT IN US MANUFACTURING, INNOVATION: ‘BULLISH ON THE FUTURE’

Underscoring the administration’s mission, Vice President JD Vance posted on X earlier this month that companies will be rewarded for investing in and creating jobs in America. 

“We’ll lower regulations and reduce taxes. But if you build outside of the United States, you’re on your own,” he wrote. 

The news from Hyundai comes just a few weeks after GE Aerospace announced a nearly $1 billion investment to help “strengthen manufacturing and increase the use of innovative new parts and materials needed for the future of flight.” GE said the funds, nearly double last year’s commitment, will help increase the safety, quality and delivery of engines, benefiting more than two dozen communities across 16 states. GE said it will also hire around 5,000 U.S. manufacturing and engineering workers.

A logo of South-Korean car manufacturer Hyundai. (Photo by Yuriko Nakao/Getty Images / Getty Images)

ELI LILLY INVESTING $27B MORE IN US MANUFACTURING

Eli Lilly announced in February that it was investing an additional $27 billion to boost domestic drug production, bringing the company’s total U.S. manufacturing investment to more than $50 billion since 2020. 

Apple also announced that it is committing $500 billion over the next five years, which will involve building an advanced AI server manufacturing factory near Houston, as well as doubling the company’s Advanced Manufacturing Fund from $5 billion to $10 billion.

The tech giant also plans to establish an Apple Manufacturing Academy in Detroit, as well as hire 20,000 new employees with focuses on research and development, silicon engineering, artificial intelligence and machine learning.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Taiwan Semiconductor Manufacturing Company said it will invest $100 billion in U.S.-based semiconductor chip manufacturing and shipping giant CMA CGM will invest $20 billion in U.S. shipping and logistics. 

Softbank, DAMAC, Meta and others have also committed to investing in the U.S. under Trump. Even Nissan CEO Makoto Uchida suggested Trump’s tariffs could force the car manufacturer to shift its production outside of Mexico.

A Hyundai Motor Company employee works on a Hyundai Elantra vehicle on the assembly line. ( Doug Kanter/Bloomberg via Getty Images / Getty Images)

The administration touted that “Trump is on a mission to make America the manufacturing superpower of the world.” While economist Michael Szanto believes moving more manufacturing back to the United States is a “worthy goal,” he said it “will take time and will not be without pain.” 

“Building advanced factories like chip foundries can take years and cost billions of dollars,” Szanto said. He said prices may go up in the near term because the U.S. lacks “some of the people to even build some factories, let alone staff them.” 

However, he said “our strength in manufacturing is that the United States has some of the greatest energy resources to power our factories cheaply” and that “in the future advances in automation and robotics will allow us to alleviate staffing shortages.”