Hyundai Motor Group said Jan. 2 it will invest more than 100 trillion won ($86.6 billion) in the next five years to increase its presence in the future mobility markets.
“We are planning to launch 44 electrified vehicles, including 11 all-electric models, by 2025, as we aim to take the lead in electrified car markets based on the development of our own platforms and core electrified car components,” Hyundai Motor Group Executive Vice Chairman Chung Euisun said.
The investment plan includes the main affiliate Hyundai Motor’s plan to inject 61 trillion won in its core automobile and future mobility businesses.
The maker of the Sonata sedan and the Santa Fe SUV said last month it will spend 41 trillion won on the existing business and 20 trillion won on new technology in a bid to transform itself into a “smart mobility solutions provider.”
By Ram Garikipati and newswires (firstname.lastname@example.org)