Hyundai To Build North American HQ In Calif.

FOUNTAIN VALLEY, Calif. (AP) -- Hyundai Motor Co. will construct a new North American headquarters building in California.

The company says in a press release that its chairman, Mong-Koo Chung, committed to the $150 million project Wednesday during a meeting with Gov. Arnold Schwarzenegger, who has been on an Asian trade tour with visits to China, Japan and South Korea.

The building will be constructed on the automaker's campus in Fountain Valley, doubling the size of the existing 220,000-square-foot headquarters.

The carmaker's subsidiary Hyundai Motor America has been based in California since in 1985.

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