As U.S. President-elect Donald Trump wages a Twitter war against vehicles not produced in the U.S., automakers are lining up to announce new U.S. investments. This time around, it is Hyundai and Kia, which are reportedly on the cusp of announcing a $3.1 billion investment into the U.S. over the next five years.
According to reports, Hyundai Motor President Chung Jin-haeng told reporters Tuesday that the company is considering building a new assembly plant in the U.S. The plant would likely be utilized to produce products for Hyundai’s new luxury brand, Genesis, as well as a U.S.-specific SUV model.
In addition to a new plant, a good chunk of the $3.1 billion is slated to be invested in new technologies, such as autonomous vehicles.
Hyundai and Kia today have two assembly plants in the U.S., both of which are already running at full capacity. Hyundai is reportedly considering expanding its Montgomery, Alabama assembly plant, which produces the Hyundai Sonata, Elantra and Santa Fe.
The company’s other assembly plant is utilized for Kia products in West Point, Georgia.
Today’s news from Hyundai joins General Motors, who also announced a $1 billion investment into the U.S. today. Fiat-Chrysler, Ford Motor Company and Toyota Motor Company have all made recent announcements regarding investments in the U.S.