FOUNTAIN VALLEY, CA-Hyundai Motor Co. unveiled plans Wednesday to build a new $150 million North American headquarters at the company's Fountain Valley campus at the site of the automaker's existing US headquarters. The company will double the size of its facilities to approximately 500,000 square feet of LEED-certified floor and garage space, compared with today's existing 220,000 square-foot structure.
The $150 million will be the largest investment ever made by Hyundai Motor Co. in California. The two-year construction project is estimated to create as many as 1,530 new construction jobs, and will generate a $273 million total economic output, according to the Los Angeles County Economic Development Corp.
Hyundai Motor Co. chairman Mong-Koo Chung, in a meeting with California Gov. Arnold Schwarzenegger, committed to build the new headquarters. Hyundai, which entered the US in 1985, says that the capacity of its headquarters facility will grow to approximately 1,400 occupants, up from 700. Construction is expected to begin in mid 2011 and be completed by the end of 2012. Hyundai employees will work from temporary office space in Orange County during that time.
Hyundai Motor America president and CEO John Krafcik said in the formal announcement that the company's $150 million investment "ensures that Orange County will remain Hyundai's US hub, with our headquarters in Fountain Valley, for the foreseeable future." He added, "The new building will give us the flexibility to grow with our brand, reflect our modern design sensibility, and showcase our commitment to sustainability."
Hyundai has grown to become the fifth largest automotive company in the world. California in particular is a critical market for Hyundai and a barometer of success in the US, the company says. Hyundai has housed its American Headquarters in California ever since the company entered the US. In addition to its headquarters in Fountain Valley, its facilities across California include its California City Proving Grounds, Chino Technical Center, Costa Mesa Logistic Operations, Fountain Valley Regional Sales Office, Innocean Worldwide Advertising in Huntington Beach, Irvine Design and Technology Center, Hyundai Capital in Irvine, Ontario Parts Distribution Center and port and vehicle processing at Port Hueneme and Richmond.
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