The Car and Truck Fleet and Leasing Management Magazine

Hyundai-Kia to Invest $3.1B in U.S.

January 17, 2017

Photo courtesy of Hyundai.
Photo courtesy of Hyundai.

Sister South Korean automakers Hyundai Motor Co. and Kia Motors Corp. will invest $3.1 billion in the U.S. in the next five years and may build a new assembly plant in the U.S., Hyundai Motor's president told reporters on Tuesday.

The investment is about 50% more than the automakers spent in the past five years, said Chung Jin-haeng, Hyundai Motor's president, reports Bloomberg. GM also announced it would invest an additional $1 billion in the U.S. Both announcements come on the eve of the inauguration of President-elect Donald Trump, who has been urging automakers to create jobs in the U.S.

Hyundai is considering producing its luxury Genesis sedans in the U.S. as well as offering a U.S.-only SUV.

"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 one million jobs in five years," Chung said.

Twitter Facebook Google+

Comments

Please note that comments may be moderated. 
Leave this field empty:
 
 

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.

FleetFAQ

Fleet Management And Leasing Experts

The expert, Merchants Experts, will answer your questions

View All
Sponsored by

A tax applied to the purchase price of vehicles, applicable in varying amounts or percentages, in certain states within the United States and provinces within Canada.

Read more

Up Next

More From The World's Largest Fleet Publisher