Trump auto tariffs could threaten GM Korea
Source: The Hill
BY JOSH DELK - 05/30/18 10:06 AM EDT
New auto tariffs under consideration by President Trump could threaten General Motors' struggling South Korean operation, just after the company agreed on a bailout for its Asian branch. The Trump administration is currently weighing the possibility of tariffs on imported automobiles and car parts, and investigating whether imports could threaten national security.
The White House announced its move just two weeks after GM partnered with a South Korean state bank in a $7 billion bail out for GM Korea, in exchange for the company's pledge to remain in the country for at least another decade and purchase more Korea-made auto parts, according to Reuters.
New tariffs would put a strain on GM Korea, the company's largest Asian export center outside of China, which ships nearly a quarter of its products to the U.S. GM Korea's U.S. exports are also reportedly set to rise under the corporate agreement, which also mandates that the overseas plants produce two more models popular in America.
Earlier this year Trump praised GM for closing a plant in South Korea, crediting his protectionist trade policies. The company said it would not reopen any of its U.S. manufacturing plants, despite suggestions by the president to move auto jobs "back from Korea to Detroit."
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Read more: http://thehill.com/policy/finance/389860-trump-auto-tariffs-would-threaten-gms-korea-operation
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Hyundai - Montgomery, Alabama.
About $40 million will go toward constructing a new 260,000-square-foot engine-head machining plant, which is expected to be completed in November and operational by mid-2019. Hyundai says the project will free up space to expand engine assembly lines in two existing engine plants in Alabama.
Hyundai plans to begin producing the 2.5-liter four-cylinder Theta III engine in April 2019 for the Sonata and Santa Fe crossover. It will continue to build the 2.0-liter Nu engine for the Elantra at its plant in Montgomery. Together, the engine plants build about 700,000 engines per year to support vehicle production in Alabama and Kia's manufacturing facility in West Point, Ga.
Hyundai Motor Manufacturing Alabama started vehicle production in May 2005 and employs 2,700 full-time and 500 part-time employees.
https://www.autoblog.com/2018/05/30/hyundai-388-million-expansion-engine-plant/
