Hyundai Motor Group to Invest 100 Trillion Won ($87 Billion) in Future Mobility

From KoreaTech Today:

Hyundai Motor Group, South Korea‘s largest car manufacturer, will invest a total of 100 trillion won ($87 billion) spanning the next five years. The company will spend 20 trillion won ($17.4 billion) a year annually to further its leadership and growth in future mobility technologies.

Chung Euisun, the executive vice-chairman of Hyundai Motor Group, said during a speech at the company headquarters New Year ceremony in Seoul, that the group would seek partnership with outside developers for continuous innovation that accommodates diverse capabilities.

The automaker’s capital injection will be directed mostly to the expansion of the electric vehicle (EV) lineup and its mobility services businesses. Hyundai’s massive investment is also expected to secure the company’s leadership in vehicle electrification, the hydrogen industry ecosystem, and the commercialization of self-driving vehicles.

Chung said that Hyundai aims to increase its lineup, which consists of 24 models, to 44 models by the end of 2025. The company will develop a roster that includes 23 battery electric vehicles (BEV), six plug-in hybrids, two fuel-cell electric cars, and 13 hybrid cars....MORE