Posted on 01/17/2017 12:44:31 AM PST by TigerClaws
Hyundai Motor Group said Tuesday it will significantly increase its investment in the U.S. while Donald Trump is president and is considering building a new U.S. factory.
Chung Jin Haeng, a president of the world's fifth-largest automotive group, said Hyundai Motor, Kia Motors and their affiliated companies will spend $3.1 billion by 2021 on research and development and maintaining their factories in Alabama and Georgia.
That represents a 50 percent increase from the $2.1 billion the companies invested in the U.S. in 2012-2016. The increased spending comes mostly from research and development, as the South Korean maker of the Genesis and Tucson invests in artificial intelligence, autonomous driving, environmentally friendly cars and other future technologies.
Chung said Hyundai will study building a new U.S. factory if demand for cars rises during Trump's administration. The new administration's promise to create 1 million jobs and attract new companies could stimulate demand for cars and other products, he said.
"If there is such a sign, we will immediately review (the new plant)," he told reporters. "We won't miss when the time is right."
(Excerpt) Read more at abcnews.go.com ...
The sweet smell of winning. What a way to start the day.
Perhaps we should invest in the foreign companies that build here so that some of the profits come back to us. I agree with you about American companies, but this may be an option for those who don't want to buy from the UAW.
“Ford is HUGE in Europe. GM is also”
GM is huge in China as well. It, specifically Buick, has been there since the 1930’s. Thereby, has strong brand recognition there.
How long before the leftist agitators start threatening to boycott companies that decide to invest and add jobs in the U.S.?
It would be a nice Machiavellian touch to encourage them to do so, much like encouraging DNC leadership to continue marginalizing white people. Yep, that’ll fix it.
Just leased a 2017 Hyundai Sonata, the third Sonata we have leased.
Wonderful cars and very affordable. Fuel efficient as well.
5 star safety rating.
All we do is change the oil and keep the tires inflated—everything else is warranteed.
Our kids are grown and we have no pets, so we keep a car looking new.
Our car was assembled in Alabama, with about 50% American made components, and 50% South Korean components.
Glad to hear Hyundai plans to expand their investment here.
We have a 2015 Santa Fe Sport. Great car.
There are different government regulations in different countries, different driving conditions, and vastly different economic conditions. European fuel prices, which have historically been near $10 per gallon (mainly due to high taxes) are a huge factor. I am familiar with the GM system, and believe me, they strive for complete technology sharing among all of their design centers.
The "good ones" are good only in the eye of the beholder. This beholder sees no inherent advantage in the European econoboxes. I drive a LOT, all across the US, and stick with high HP V8s and lots of cubic feet of volume. I'll sacrifice the volume, but not the V8 in the Corvettes.
If his experience is typical, as I suspect that it is, you'd have better luck seeing one parked than being driven.
They are publicly traded...stock in the company can be bought.
The sad truth of the matter is that traditional ‘US’ car companies are saddled with unions. I don’t think it would go over well if Ford started opening new plants in deep south right to work states - their unions would strike.
So when a foreign company like Hyundai makes an investment in this country and hires workers, I’m ‘ok’ with that. That’s actually the model used in the industrial revolution, with lots of foreign investment driving our industry.
Do I need a /s? :-)
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