Walking in a Winner Wonderland….
(Via Bloomberg) 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.” (read more)
(Via Reuters) General Motors Co (GM.N) will announce as early as Tuesday long-held plans to invest about $1 billion in its U.S. factories, following recent criticism of the company by President-elect Donald Trump, a person briefed on the matter told Reuters late on Monday.
The largest U.S. automaker is making the decision for business and not political reasons, said the person, who asked not to be identified.
The investment will help GM create or retain more than 1,000 jobs, while the automaker also plans to tout other efforts to boost U.S. employment, including adding engineers, the person added.
GM General Counsel Craig Glidden told the Wall Street Journal, which reported the company’s plans earlier on Monday, that any investment the company might disclose had been long planned and was not a response to Trump’s criticism. (read more)
…“and we will win, and you will win, and we will keep on winning, and eventually you will say we can’t take all of this winning, …please Mr. Trump …and I will say, NO; we will win, and we will keep on winning”.
~ Donald Trump