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

[onehandle]

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

[Deja Q]

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

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

[onehandle]

4. The Won is South Korean Currency. nt

[Nabia2004]

7. One US dollar = 975 Korean Won - nt

[onehandle]

2. nt

[Blue_Forney05]

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.

[Mythsaje]

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.

[demosincebirth]

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

[lovuian]

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...

[Boredtodeath]

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!!!!!!!!!!!