Hyundai Motor Group said Monday that it will invest 21 billion dollars in the United States through 2028.

Hyundai’s Executive Chair Chung Eui-sun announced the plans at a White House event alongside U.S. President Donald Trump, who called the investment a “clear demonstration” that his tariff policy works.

Chung said he is pleased to announce the new investments the company will provide over the next four years, comprising eight-point-six billion dollars for the automotive sector; six-point-one billion dollars for the steel, parts and logistics industries; and six-point-three billion dollars for future industry sectors and energy.

The South Korean automaker plans to open a new automotive plant in the U.S. state of Georgia this week, with the aim of increasing its U.S. production capacity to over one-point-two million vehicles per year. 
 
Chung also announced plans to build a new steel plant in Louisiana, which will produce two-point-seven million metric tons of steel each year and supply automotive steel plates for the automaker’s vehicles produced in the U.S.