This archive report was first published on 4 December 2019.
Published on December 4, 2019, Hyundai Motors has unveiled its ambitious plans to invest $51.81 billion in mobility devices and services between 2020 and 2025.
The South Korean multinational automotive manufacturer aims to transition into a smart mobility solution provider, with a major focus on electric and autonomous vehicles.
According to Executive Vice Chairman Euisun Chung, the company will allocate $34.4 billion for product and capital expenditure to enhance competitiveness in existing businesses, while dedicating $16.8 billion to future technologies such as vehicle electrification, autonomous driving, artificial intelligence (AI), robotics, personal air vehicle (PAV), and new energy area.
With this five-year plan, Hyundai Motors aims to spend an average of $8.4 billion annually in research and development (R&D) and future core technologies.
As part of its plans, the company is also looking at developing flying cars, which could be commercialized ahead of the most advanced self-driving cars.
Hyundai Motors is a South Korean multinational automotive manufacturer with its headquarters in Seoul. It is the third-largest vehicle manufacturer in the world and operates the world's largest integrated automobile manufacturing facility in Ulsan, South Korea, with an annual production capacity of 1.6 million units.
