According to reports, South Korean auto-maker Hyundai Motor Co announced on Tuesday that it plans to inject as much as $3.1 billion in its current U.S. manufacturing facilities, and is considering a new plant in the world’s most lucrative auto-market that would help to produce thousands of new jobs.
The locomotive group, which comprise partner Kia Motors Corp., announced it plans to invest the cash over the next five years on research and development of new technologies such as driverless cars and on improving existing abilities.
“The U.S. market is crucial to our success as a global auto maker. We will continue to expand our presence in the key market. Our investment will also help the U.S. efforts to create more jobs,” Hyundai Motor President Chung Jin-haeng said in a separate interview.
The statement arrives as auto-makers face pressure from the President-elect Donald Trump’s administration to assemble more cars in the U.S.
Recently another giant car-maker Toyota Motor Corp. increased efforts to highlight its contribution to the U.S. economy, in the wake of disapproval from President-elect Donald Trump, saying that it plans to inject billions of dollars into the country in future.
Meanwhile Fiat Chrysler Automobiles NV has also said it would invest $1 billion in two current plants in the U.S., generating what it says will be 2,000 new jobs.
These announcement by global car makers arrives following criticism from Mr. Trump, who has been sending a series of social-media posts aimed at auto-makers including Toyota over their plans to make factories in Mexico, and has openly threatened significant rise of border taxes on cars coming to the U.S.