Hyundai, Kia plan $3.1 billion U.S. investment, consider new plant

The elite rich Libtards can't stand this turnaround before Trump is even in office. They want America to outsource jobs overseas to slave labor countries and put Americans out of work so they can line their pockets with more profits

Hyundai Motor Co. and Kia Motors Corp. said they will spend $3.1 billion in the U.S. in the next five years, joining other vehicle manufacturers in announcing investment plans amid threats from President-elect Donald Trump of higher levies on auto imports from Mexico.

The planned U.S. investment by South Korea’s two largest automakers is nearly 50 percent more than the $2.1 billion they spent in the previous five-year period, Hyundai Motor President Chung Jin-haeng told reporters in Seoul on Tuesday. The group is considering building a new factory in the U.S. and may produce Hyundai’s upscale Genesis vehicles and a U.S.-specific SUV in the country, said the executive, who also oversees the strategic planning for Kia.

"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 said. “We will actively consider introducing new models that have increasing demand and profits."

Hyundai and Kia join a growing list of automakers announcing investments in the U.S., even though they have yet to be singled out by Trump. Toyota Motor Corp., Ford Motor Co. and Fiat Chrysler Automobiles said this month they’ll spend on U.S. plants after the president-elect threatened for months to slap Mexico-built vehicles with a 35 percent import tax. Carmakers are eager to cooperate with the incoming administration as they prepare to ask for favors including weaker fuel economy rules and lower corporate taxes.

"When automakers such as Toyota announced their new strategies in response to the so-called Trump risk, the industry was nervous and asked, ‘Who’s next?’," said Kim Jin-woo, an analyst at Korea Investment & Securities Co. in Seoul.

"This is positive news that came at the right time as the automakers were facing capacity constraints in the U.S," he said referring to Hyundai and Kia’s investment plans. Autonews