Photo: Hyundai
Hyundai and Kia want to invest $3.1 billion in the United States of America within the next five years.
The news comes from a statement of the CEO of the Hyundai Motor Company, and the sum that is mentioned is 50% higher than what the two companies have spent during the previous five years.
According to industry analysts, the massive investment plan is linked to the statements of Donald Trump, the President-elect of the USA, who threatened automakers with import fees if they try to sell cars built in Mexico on American soil.
Hyundai and Kia’s massive investment could mean the construction of a new factory, which could produce the Genesis range, along with an SUV that would be specific to the American market. As Automotive News notes, the President of Hyundai Motor Company, Chung Jin-Haeng, told reporters about the plan and the potential outcome of the investment.
If you followed the news on this topic, you might have observed that Hyundai and Kia’s investment plans for the USA involve a higher sum than what General Motors is planning to invest in the same country.
It is important to remark that Hyundai and Kia’s investment will also include a part that will go to the research and development of new technologies. The only mentioned aspects by company officials are green cars and autonomous driving systems.
The two automakers are already investing in the two fields, which can be blended to make new products, but we are now referring to a long-term plan that even has figures attached to it.
Just like any other major automaker, Hyundai and Kia want to invest in these categories of automobiles, which will be the norm in the future. Approximately 30 to 40 percent of the $3.1 billion investment are expected to go to the two areas of development mentioned above.
Last year, Kia opened a $3 billion production line in Mexico, and the company had announced plans to expand capacity by 100% before the end of 2018. Approximately 80% of the vehicles made there are supposed to be exported, and the U.S. is one of the markets it targeted, along with Latin America.
According to industry analysts, the massive investment plan is linked to the statements of Donald Trump, the President-elect of the USA, who threatened automakers with import fees if they try to sell cars built in Mexico on American soil.
Hyundai and Kia’s massive investment could mean the construction of a new factory, which could produce the Genesis range, along with an SUV that would be specific to the American market. As Automotive News notes, the President of Hyundai Motor Company, Chung Jin-Haeng, told reporters about the plan and the potential outcome of the investment.
If you followed the news on this topic, you might have observed that Hyundai and Kia’s investment plans for the USA involve a higher sum than what General Motors is planning to invest in the same country.
It is important to remark that Hyundai and Kia’s investment will also include a part that will go to the research and development of new technologies. The only mentioned aspects by company officials are green cars and autonomous driving systems.
The two automakers are already investing in the two fields, which can be blended to make new products, but we are now referring to a long-term plan that even has figures attached to it.
Just like any other major automaker, Hyundai and Kia want to invest in these categories of automobiles, which will be the norm in the future. Approximately 30 to 40 percent of the $3.1 billion investment are expected to go to the two areas of development mentioned above.
Last year, Kia opened a $3 billion production line in Mexico, and the company had announced plans to expand capacity by 100% before the end of 2018. Approximately 80% of the vehicles made there are supposed to be exported, and the U.S. is one of the markets it targeted, along with Latin America.
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