Hyundai Motor Group to invest $34.6 billion in auto and mobility technologies
October 16, 2019
Hyundai Motor Group, Seoul, South Korea, has revealed plans to invest 41 trillion won ($34.6 billion) in mobility and auto technologies by 2025, according to Automotive News. The plan is reported to include electric vehicles, ride sharing technology, autonomous and connected vehicles.
The South Korean government has also revealed that it will invest further in autonomous vehicle technology, while South Korean companies overall are expected to invest $50 billion over the next decade in future transportation technologies. The self-driving vehicle market is expected to make up much of these investments, with South Korea’s President Moon Jae-in stating in a speech at Hyndai Motor’s research facility that this market could “revitalise the economy and create new jobs.”
A total investment of $1.4 billion is planned by the government between 2021 and 2027. Hyundai Motor is expected to launch fully autonomous cars for fleet customers in 2024, and passenger cars for the general public in 2027.