Hyundai Building New California HQ
The new HQ of the fifth largest carmaker in the world will be located in Orange County, the place where the American adventure began for Hyundai in 1985. To be built on the Fountain Valley campus, the location will cost the carmaker $150 million, the largest investment ever made by Hyundai in the state.
Building the new facility will translate into the creation of 1,530 jobs and is expected to generate an economic output of $273 million. Construction is expected to begin in mid 2011 and be completed by the end of 2012 and become a half-a-million square feet facility.
Currently, the Fountain Valley campus covers 220,000 square-feet and it employs 700 people. When the new facility will be ready, the number of people employed there will double to 1,400 and will add 50 percent to the number of people employed in the state by the South Korean carmaker.
The announcement of the construction was made by Hyundai Motor Company chairman Mong-Koo Chung in front of the state's Governor Arnold Schwarzenegger.
"This investment ensures that Orange County will remain Hyundai's U.S. hub, with our headquarters in Fountain Valley, for the foreseeable future," said John Krafcik, president and CEO, Hyundai Motor America.
"The new building will give us the flexibility to grow with our brand, reflect our modern design sensibility, and showcase our commitment to sustainability."