Automaker Hyundai-Kia recently stated that it has a $3.1 billion investment plan in the works for American operations that will be spread out over the next five years. This, following some pressure from United States President Donald Trump during the election, to keep and increase auto sector jobs within the United States of America.
MSN reported that Hyundai’s President Chung Jin-Hang stated that the company is thinking about opening a new factory in the U.S. and also bringing its SUV assembly and Genesis productions to America as well. Chung also stated that the company expects a boost in the American economy and heightened demands for differing models as President Trump follows through with his promise to add one million jobs to the country in five years. Chung also noted that Hyundai is currently thinking about bringing in new models that have heightened demand and profit.
It is being reported that the company has been eyeing their factory in Montgomery, Alabama where the Santa Fe, Elantra, and Sonata models are built, for expansion. Right now, the factory has hit full capacity and it produces about 370,000 vehicles annually. Alternatively, Hyundai’s factory in West Point, Georgia (the home of production for Sorentos and Optimas) is also at capacity with 360,000 autos produced each year.
Prior to the hoopla of the election in the States, a new $3 billion Kia factory was built in Mexico, where the goal is to double capacity around production from 200,000 vehicles annually to 400,000 by year end, 2018.
Chung added that the American market is strategically important for the company and it is a barometer of success for Hyundai worldwide. He added that the company’s interest in the United States market is always there, regardless of the government at the helm.
It is also being reported that Hyundai has no plans on flowing any additional funds to its Mexican plants. A spokesperson for the company did state that they will not be moving jobs to Mexico from the U.S., as well.