Seoul, Korea – Add Hyundai Motor Co. and its affiliate Kia Motors Corp. to the list of automakers announcing U.S. investments. Executives in Korea say they will spend $3.1 billion throughout the next five years to expand plants in Georgia and Alabama and possibly add a third plant, the Bloomberg news agency reports.
Hyundai Motor President Chung Jin-haeng told reporters in Seoul on Tuesday that Hyundai may produce upscale Genesis vehicles a U.S.-specific SUV in the country.
“We expect a boost in the U.S. economy and increased demand for various models as President-elect Trump follows through on his promise to create 1 million jobs in five years,” Chung told Bloomberg. “We will actively consider introducing new models that have increasing demand and profits.”
Of the major automakers producing in the U.S., Hyundai/Kia has the highest percentage of imports, bringing many cars to the country from Korea. Hyundai has no manufacturing in Mexico, but Kia opened a $1 billion plant there last year.
For the complete story from Korea, follow this link to the Bloomberg article.
Source: Bloomberg