Hyundai's $20 Billion US Investment

March 25, 2025 -- Today’s top stories: Hyundai's $20 Billion US Investment, Tesla's European Sales Plunge, and OpenAI COO Expands Role.

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By CommonWealth Magazine
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2025-03-25

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South Korea's Hyundai to announce $20 billion US investment, official says

South Korean automaker Hyundai is set to invest $20 billion in the US, including a $5.8 billion investment in a steel mill in Ascension parish, which will make parts for its cars.

The plant will produce 2.7 million metric tons of steel a year and create more than 1,400 jobs.

The announcement was made by President Donald Trump, Hyundai Chairman Euisun Chung, and Louisiana Governor Jeff Landry.

Landry travelled to South Korea in October to discuss the investment plan.

The announcement comes as several companies have announced planned investments following Trump’s return to the White House, though some of those statements have been wrapped in previously announced plans.

The investment is Hyundai’s first-ever steel mill in the United States, one of the largest companies in the world by the way, supplying steel for its auto parts and auto plants in Alabama and Georgia, which will soon produce more than one million American-made cars every year.

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Teslas Europe sales drop nearly 45% amid row over Musks Trump links

(Source: Shutterstock)

Tesla's share of European electric car sales fell by 58% in the first two months of this year, dropping from 18.4% in 2024 to 7.7% for the same period this year, according to data from Jato Dynamics, an auto consulting firm.

Chinese EV brands sold nearly 20,000 vehicles in Europe last month, far outpacing Tesla's 15,700 units.

Tesla is facing a global backlash, fueled by ire at CEO Elon musk and his actions as a key adviser to U.S. President Donald Trump. In Europe, Germany is leading the charge in rejecting Tesla, which has one of its Gigafactories outside Berlin.

Meanwhile, sales of new Tesla cars slumped in Europe last month in the latest indication of a potential buyer backlash over Elon Musk's high Profile and controversial behavior since becoming a leading figure in Donald Trump's administration.

The Texas-based electric carmaker sold less than 16,000 vehicles across Europe last month, down 44% on average across 25 countries in the EU, the UK, Norway and Switzerland, according to data compiled by the research platform Jato Dynamics.

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OpenAI COO to spearhead global growth, partnerships in expanded role, Altman says

(Source: Reuters)

OpenAI's chief operating officer, Brad Lightcap, is expanding his role to oversee "business and day-to-day operations" as the company seeks to cement its dominance in the fast-growing ai industry.

Lightcap, who joined the company in 2018 and previously worked with CEO Sam Altman at Y Combinator, is leading "global deployment," focusing on strategy, partnerships, and infrastructure.

Altman is handing over a Public-Facing position to Lightcap as the company's pressures intensify.

OpenAI is closing in on a $260 billion valuation, with a $40 billion investment by Softbank. Part of the funding is expected to be used for OpenAI's commitment to Stargate, a joint venture between Softbank, OpenAI, and Oracle that was announced by President Donald Trump in January.

The plan calls for billions of dollars to be invested in US artificial intelligence infrastructure.

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