The Trump Effect: Hyundai-Kia To Spend $3.1Billion In U.S. Over 5 years; Create New Jobs
Ryan Saavedra
TheGatewayPundit.com
Jan 17th, 2017
It is becoming a daily occurrence Another day, another company announcing that it will be investing and creating more jobs in the USA.
Hyundai-Kia has announced that they will be investing over $3 Billion in the United States to boost their manufacturing efforts and to avoid getting hit by a massive tariff that will be imposed on companies that manufacture outside the U.S. and export their products into the country.
From The Detroit News:
“Hyundai Motor Co. and affiliate 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 about 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 Motor’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 one million jobs in five years,” Chung said. “We will actively consider introducing new models that have increasing demand and profits.”
Hyundai Motor 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 NV 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.
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