Hyundai to increase U.S. investment by 50 percent

The company is considering building a new U.S. factory

Hyundai Motor Co.'s vehicle Aslan is displayed at the South Korean automaker's showroom in Seoul, South Korea, Thursday, Jan. 22, 2015. Hyundai Motor Co. suffered a drop in quarterly earnings and is forecasting weak sales growth this year.(AP Photo/Ahn Young-joon)
Hyundai Motor Co.'s vehicle Aslan is displayed at the South Korean automaker's showroom in Seoul, South Korea, Thursday, Jan. 22, 2015. Hyundai Motor Co. suffered a drop in quarterly earnings and is forecasting weak sales growth this year.(AP Photo/Ahn Young-joon)

SEOUL, South Korea (AP) – Hyundai Motor Group says it will significantly increase its investment in the U.S. while Donald Trump is president and it is considering building a new U.S. factory.

Chung Jin Haeng, a president of the world’s fifth-largest automotive group, said Tuesday that Hyundai Motor, Kia Motors and their affiliated companies will spend $3.1 billion during the five years through 2021 on research and development and maintaining their factories in Alabama and Georgia.

That represents a 50 percent increase from $2.1 billion the companies invested in the U.S. in 2012-2016.

Haeng said Hyundai will study building a new U.S. factory if demand for cars rises during Trump’s administration.

The South Korean group does not usually disclose its five-year investment plan for specific countries.

Trump is due to take office Friday.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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