Hyundai Motor Co. will be investing about $150 million to expand its North American headquarters in California. In the past decade, Hyundai’s sales in the US have more than doubled.
Hyundai plans to build a structure in Fountain Valley on the site of its current complex. According to a company statement, the number of employees that can be housed in this office can go up to about 1,400 from the current 700.
In a separate release, California Gov. Arnold Schwarzenegger also talked about the planned expansion. Schwarzenegger met with Hyundai Motor Chairman Chung Mong Koo in Seoul earlier this week, as part of an Asian tour.
According to the governor’s statement, California exports more goods to South Korea than any other US state, accounting for about a third of the total. In the past 15 years, Hyundai's US sales have gone up in all but two of those years. Last year, Hyundai sold 435,064 vehicles, a considerable increase from 164,190 in 1999.
President and CEO of Hyundai Motor America, John Krafcik, announced that Hyundai’s US plant will retain its hub in Fountain Valley, Orange County for the foreseeable future. The company has invested in a new building and he commented that it gives the company flexibility as the brand continues to grow.
He also said that the plant is a reflection of its “modern design sensibility” as well as proves how committed it is to sustainability. Hyundai has seen unprecedented success and has become a global leader. It recently became the fifth largest automotive company in world.
It has developed a reputation for excellence and innovative ideas. Hyundai was first established in 1985 in California and remains there today.
The response of the Californian automobile market is a good indication of how the rest of the United States of America will view Hyundai. So Hyundai retains its headquarters in the Sunshine State and in doing so, it is helping to contribute to California’s economy.