SEOUL, South Korea (AP) – Hyundai Motor Group said Tuesday it will significantly increase its investment in the U.S. while Donald Trump is president and is considering building a new U.S. factory.
Chung Jin Haeng, a president of the world’s fifth-largest automotive group, said Hyundai Motor, Kia Motors and their affiliated companies will spend $3.1 billion by 2021 on research and development and maintaining their factories in Alabama and Georgia.
That represents a 50 percent increase from the $2.1 billion the companies invested in the U.S. in 2012-2016. The increased spending comes mostly from research and development, as the South Korean maker of the Genesis and Tucson invests in artificial intelligence, autonomous driving, environmentally friendly cars and other future technologies.
Chung said Hyundai will study building a new U.S. factory if demand for cars rises during Trump’s administration. The new administration’s promise to create 1 million jobs and attract new companies could stimulate demand for cars and other products, he said.
“If there is such a sign, we will immediately review (the new plant),” he told reporters. “We won’t miss when the time is right.”