Hyundai to increase investment in U.S. while Trump is president; considering building new U.S. factory

SEOUL, South Korea (AP) – Hyundai Motor Group says it will significantly increase its investment in the U.S. while Donald Trump is president and it is considering building a new U.S. factory.

Chung Jin Haeng, a president of the world’s fifth-largest automotive group, said Tuesday that Hyundai Motor, Kia Motors and their affiliated companies will spend $3.1 billion during the five years through 2021 on research and development and maintaining their factories in Alabama and Georgia.

That represents a 50 percent increase from $2.1 billion won the companies invested in the U.S. in 2012-2016.

Chung said Hyundai will study building a new U.S. factory if demand for cars rises during Trump’s administration.

The South Korean group does not usually disclose its five-year investment plan for specific countries.

Trump is due to take office Friday.

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