Hyundai Motor said Dec. 4 it will invest 61 trillion won ($51 billion) in its core automobile and future mobility businesses by 2025.
The decision is designed to enhance the competitiveness of its existing car manufacturing business and generate new business opportunities by investing in future mobility technologies, Hyundai said in a statement.
Hyundai plans to inject 41 trillion won in the existing business and 20 trillion won in new technology in a bid to transform itself into a “mart mobility solutions provider,” it said.
“We are reorganizing our business portfolio to meet rapidly changing customer demands, with a focus on smart mobility products and services over the next six years,” Hyundai President Lee Won-hee said during the CEO Investor Day, an annual road show in Seoul for shareholders, analysts and credit rating firms.
On top of the new investment, Hyundai said it will buy back 300 billion won worth of its shares by February to improve shareholders’ value.
By Ram Garikipati and newswires (firstname.lastname@example.org)