Hyundai Highlights US Spending Plan Before Trump Takes Oath
SEOUL, South Korea (AP) — Hyundai Motor Group says it will significantly increase its investment in the U.S. while Donald Trump is president and it is considering building a new U.S. factory.
Chung Jin Haeng, a president of the world's fifth-largest automotive group, said Tuesday that Hyundai Motor, Kia Motors and their affiliated companies will spend $3.1 billion during the five years through 2021 on research and development and maintaining their factories in Alabama and Georgia.
That represents a 50 percent increase from $2.1 billion won the companies invested in the U.S. in 2012-2016.
Chung said Hyundai will study building a new U.S. factory if demand for cars rises during Trump's administration.
The South Korean group does not usually disclose its five-year investment plan for specific countries.
Trump is due to take office Friday.