No. 2 Korean automaker to build first U.S. factory

onehandle

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Sun Mar-12-06 10:32 PM
Original message

No. 2 Korean automaker to build first U.S. factory

Do American companies only cut jobs?
_______________________________

Kia Motors has one eye on the surging won and the other eye on the competition.

SEOUL, South Korea (Reuters) - Kia Motors Corp., South Korea's second-largest automaker, said on Monday it would invest $1.2 billion building its first U.S. factory in the state of Georgia.

Kia is seeking ways to move more production abroad in order to shield itself from a surging won currency and also grab a bigger share of the U.S. market.

http://money.cnn.com/2006/03/12/news/international/kia.reut/index.htm?cnn=yes

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Deja Q

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Sun Mar-12-06 10:38 PM
Response to Original message

1. I presume "won" means "one", yes?

Still. Nice to see things coming TO the United States for once.

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onehandle

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Sun Mar-12-06 10:40 PM
Response to Reply #1

4. The Won is South Korean Currency. nt

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Nabia2004

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Sun Mar-12-06 11:43 PM
Response to Reply #1

7. One US dollar = 975 Korean Won - nt

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onehandle

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Sun Mar-12-06 10:39 PM
Response to Original message

2. nt

Edited on Sun Mar-12-06 10:40 PM by onehandle

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Blue_Forney05

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Sun Mar-12-06 10:39 PM
Response to Original message

3. It is something that Honda, Toyota, and now Kia are adding jobs

in this country, while the "big three" are downsizing and making stupid decisions when it comes to designing cars.

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Mythsaje

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Sun Mar-12-06 10:46 PM
Response to Original message

5. That's good news...

Can't speak for Kia, but I know Hyundai is making good cars these days. It would be nice if they brought some work here too.

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demosincebirth

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Sun Mar-12-06 11:16 PM
Response to Original message

6. In a good ol' "right to work" state

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lovuian

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Sun Mar-12-06 11:47 PM
Response to Original message

8. These people have figured out that they will save tons of

money in transportation by building the cars here...
If gas shortage hits
shipping it going to be expensive...

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Boredtodeath

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Mon Mar-13-06 08:31 AM
Response to Original message

9. Ummm, sputter, WTF?

Georgia has offered Kia an incentive package worth $410 million, or $164,000 per job, said Michael Choo, a Kia spokesman in Seoul.

The state will buy the Kia site from more than 30 property owners for $35.7 million, said Cathy Cox, Georgia's secretary of state and a member of the commission. The state eventually will sell the site to Kia for about $2 million, Cox said.

So the State of Georgia is PAYING $33.7 million dollars to Kia to open the plant!!!!!!!!!!!

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