Hyundai Motor plans to make its next leap with a $51 billion investment.

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More than half the investment, or 35.3 trillion won, will be allocated for new research and development infrastructure, expansion of EV production facilities and construction of its new headquarters, dubbed the Global Business Center (GBC), Hyundai said in a statement.Some 31.1 trillion won, or 46% of the total, will go to the R&D sector to enhance vehicle competitiveness, electrification, SDVs and battery technology.

Hyundai Motor Group plans to spend 68 trillion won ($51 billion) and hire 80,000 new employees over three years as South Korea’s top automaker aspires to become the leader in electrification, software-defined vehicles (SDVs) and future mobility.

Hyundai, the country’s third-largest conglomerate in terms of assets, said on Wednesday it will invest 68 trillion won in Korean operations by the end of 2026 to bolster its growth potential in electric vehicles and future mobility projects, including SDVs.

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Article Details

Category: Economy

Markets: South Korea

Topics: Investment Construction Jobs Hyundai Vehicles Motor Sdvs Automaker Trillion Business Group

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-03-27 @ 16:57:45 (1 months ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 624 words

Reading Time: 4 minutes read

Sentences: 29 lines

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Copyright Owner: © Korea Economic Daily

News ID: 20535149

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