Not willing to be outdone by competing automakers, Hyundai announced a major investment in the United States. The latest amount signifies an increase in past investments from both Hyundai and Kia. Between 2017 and 2021, South Korea’s largest automaker plans to investment a whopping $3 billion in production facilities.
The $3 billion over the five-year period signifies a major vote of confidence in the United States market. The automaker invested just $2.1 billion between 2012 and 2016.
So, where will Hyundai’s $3 billion investment in the United States go?
Hyundai is considering building a new factory here in the United States to act as a production facility for the new Genesis luxury brand. The production facility could also produce an SUV exclusive to the United States. A new facility would provide hundreds, if not thousands, of jobs for local workers.
Part of the investment will also go toward maintaining and improving existing United States facilities. The investment will fund autonomous driving, greener vehicles, and new models.
By comparison, General Motors, the largest automaker in the United States, will invest just $1 billion in the coming years.
We at Wright Hyundai are pumped to see such an incredible automaker strengthening its production in the United States!