Hyundai Motor Co. announced Tuesday that it plans to invest up to $3.1 billion in expanding its US production and research facilities.
It is also considering building an additional factory, which would create thousands of permanent, full time jobs.
Hyundai’s President Chung Jin-Haeng told a group of reporters in Seoul, S Korea that:
The US market is crucial to our success as a global auto maker. We will continue to expand our presence in the key market. Our investment will also help the US efforts to create more jobs.
This is far from an isolated incident.
Companies ranging from US Steel to Amazon have announced billions in new investments in response to brightening economic conditions, and Donald Trump’s twitter campaigns—now dubbed the “Trump Effect”.
Automakers Announce Over $23 Billion New Investments In 2 Months
- General Motors Corporation (GM) announced today it plans to invest $1 billion in the US, to bolster domestic production capacity. They expect the investment will create or retain roughly 1,500 full time jobs.
- Last week, Fiat Chrysler Automobiles announced it plans to invest $1 billion in US modernizing 2 plants in the US Midwest. It expects this will create 2,000 new jobs.
- Ford has also pledged a $700 million upgrade in its Flat Rock, Michigan assembly plant, and an additional $700 million for its Louisville, Kentucky plant. Hundreds of jobs are anticipated.
- German automaker Daimler AG, known for its Mercedes-Benz brand, said on Sunday, January 8, that they planned to invest $1.3 billion in their Alabama SUV plant, according to CEO Dieter Zetsche.
- Toyota Motor Corp’s CEO Jim Lentz announced plans to invest $10 billion in the US over the next 5 years, and an additional $10 billion over the next 5 years—that’s $20 billion dollars in new investment.
- Honda also announced last week that it will be making its new hybrid vehicle in America, although hasn’t released financial details. Honda also plans to invest in its Georgia transmission plan. Again, no firm numbers.