Comments
Hyundai Motor Co will spend 20 trillion won ($17 billion) over the next six years on new technology in a bid to transform itself into a producer of electric and autonomous cars.
Announcing its strategic plan to 2025, the South Korean company pledged to spend almost half the new money on electrification. Autonomous driving will soak up 1.6 trillion won of the total, Hyundai said.
The new investment forms part of a surge in spending at the company, which like carmakers worldwide faces an expensive new era of lower-emissions, battery-powered vehicles. Rivals such as Volkswagen AG have also pledged tens of billions of dollars in investments in electrification.
If successful, the plan should create a more profitable business with a global market share of 5 per cent in 2025, up from 4 per cent in 2018, the company said.
Hyundai Earnings Fall Short on Weak China Sales, Legal Costs (1)
Shares of Hyundai rose 2.1 per cent at 10:40 am in Seoul.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.