Hyundai Motor Co. and Kia Motors Corp. is planning to invest $3.1 billion (P155 billion) in the U.S. over the next 5 years. This move could be related to U.S. President-elect Donald Trump’s previous statement regarding import tax on cars.
The 2 South Korean automakers are also eyeing to build a new factory in the U.S. Automotive News reports that this plan was confirmed by Hyundai Motor president Chung Jin-haeng, saying this could upscale Genesis production and American-specific SUV.
As for the $3.1 billion investment, Hyundai and Kia are planning to allot about 30% to 40% on autonomous driving and electric vehicles. The company added that the remaining figures will be designated to establishments of facilities and new model productions.
Just earlier this January, Ford posted a $700 million (P34.8 billion) investment plan amid the heat of heavier 35% import tax on Mexican products – as imposed by President-elect Trump. Among the other automakers planning to invest in the U.S. are Toyota Motor Corp. and Fiat Chrysler Automobiles.
Nissan is rolling out its ProPilot 2.0 in its Skyline in Japan, the system allows for hands-off driving on highways without lane changes.
The TransSportShow has been a long enduring event since 1992, and is moving forward with its 28th show.
Hyundai Asia Resources, Inc. posted a sales report for the month of April, and they’re happy to report that their passenger cars are gaining traction in the market.