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>> A bold step for Hyundai at a make or break time for its business in America. The South Korean car maker on Tuesday announcing plans to boost US investment by 50% or more than $3 billion. The move brings Hyundai into the ranks alongside Toyota, Ford, and Fiat Chrysler all of which have announced plans to ratchet up US investment in the past month and that's no coincidence.
As Reuters Hyun Joo Jin reports for the auto world, it's all eyes on Inauguration day.>> Hyundai's announcement is a preemptive strike against Trump's tweets. Trump tweeted recently slamming not only US automakers but foreign automakers for making cars in Mexico and importing them to the United States. And Trump threatened to slap a big tax on imported cars from Mexico.
So, many analyst expected Hyundai Motor maybe the next target of criticism from Trump.>> Hyundai says it plans to plow cash into its US factories over the next five years. And they may even build another one. It's also touting R and D projects from self driving cars to artificial intelligence.
The head of the company tells Reuters it's not all to please the president elect, but that couldn't hurt.>> The Hyundai Motor President, Chung Jin-haeng denied the investment decision was driven by Trump's pressure to build cars in the United States instead of Mexico. But what he said is Hyundai hopes car demand would rise under the Trump administration, which plans to create more jobs and boost domestic demand.
>> Hyundai group also owns Kia which runs a factory in Georgia. But it also recently kicked off production at its first plant in Mexico and plans to expand it. Hyundai's President says he's been agonizing over what to do now with that facility now that a tax or a tweet could make it a very costly decision.