|04 December, 2019

Hyundai plans to invest $51bln in future technologies by 2025

The South Korean car maker aims to electrify most new models in major markets

The logo of Hyundai Motor is seen during the 2017 Seoul Motor Show in Goyang, South Korea, March 31, 2017.

The logo of Hyundai Motor is seen during the 2017 Seoul Motor Show in Goyang, South Korea, March 31, 2017.

REUTERS/Kim Hong-Ji
Mubasher: Hyundai Motor unveiled an ambitious roadmap to invest KRW 61.1 trillion ($51.2 billion) until 2025, or about KRW 10 trillion annually, for research and development (R&D) to facilitate its transition into a smart mobility solution provider

Under the Strategy 2025, the company will allocate KRW 41.1 trillion to for product and capital expenditure to boost competitiveness in current businesses, the South Korean automotive manufacturer said in a statement on Wednesday.

In addition, an amount of KRW 20 trillion will be earmarked for future technologies such as electrification, autonomous driving, artificial intelligence (AI), robotics, personal air vehicle (PAV), and new energy area.

Hyundai plans to sell 670,000 electric vehicles per year, including 560,000 battery electric vehicles (BEVs) and 110,000 fuel-cell electric vehicles (FCEVs) by 2025.

The South Korean car maker aims to electrify most new models in major markets such as Korea, the US, China, and Europe by 2030 and in emerging markets, including India and Brazil by 2035.

Source: Mubasher

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