[THE INVESTOR] Hyundai Motor is gearing up to produce its luxury brand Genesis cars in the US, according to Maeil Business News on Jan. 19.
The automaker is planning on investing about 300 billion won (US$256.19 million) to install an additional assembly line at its auto plant in Alabama to build Genesis cars, the newspaper said citing unnamed industry sources.
The upscale Genesis cars are currently all produced at Hyundai’s Ulsan plant in Korea and imported to the US.
The addition will be part of Hyundai’s latest investment plan of US$3.1 billion in the US over the next five-year-period. It is joining global auto giants, including Toyota, Ford and Fiat Chrysler, that have announced multibillion dollar investment plans in view of incoming President Donald Trump’s protectionism policy.
Hyundai Motor Group also said it is mulling building a new US factory, besides Hyundai’s Alabama plant and Kia’s Georgia plant. According to industry watchers, the new plant, if constructed, will likely be rolling out sport utility vehicles, in light of the booming SUV market in the US, which is expected to continuously grow in coming years fueled by low gasoline prices.
By Ahn Sung-mi (firstname.lastname@example.org)