Hyundai Motor America confirmed yesterday that it will invest $150 million in a new North American headquarters on the site of its current complex in Fountain Valley, California.
The announcement came after a meeting between California Governor Arnold Schwarzenegger and Hyundai Motor Company Chairman Mong-Koo Chung, who heads the fifth largest auto company in the world.
Orange County – where Fountain Valley is – has been Hyundai’s home since its arrival in the United States in 1985. Hyundai will invest about $150 million, the largest investment ever made by Hyundai in the state.
During the approximately two-year project, it is estimated that as many as 1,530 new construction jobs will be created with a $273 million total economic output, according to the Los Angeles County Economic Development Corporation.
It will also double the space of the current headquarters and provide room to double the growing auto company’s corporate staff to about 1,400 employees, according to John Krafcik, chief executive of Hyundai Motor America.
“We think this is the best place to plan and design our vehicles. It is still a center of innovation for North America,” Krafcik said.