Hyundai Motor vows record investment of $16.7 bn in South Korea

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Hyundai Motor vows record investment of $16.7 bn in South Korea - Korea Economic Daily

Quick Summary:

Its investment announcement came a few days after Hyundai Motor Group Executive Chairman Chung Euisun urged executives and employees to guard against pessimism amid a “perfect storm” of economic crises.Of the total amount, 11.5 trillion won will be spent on research and development for next-generation mobility technologies including electrification, software-defined vehicles (SDVs) and hydrogen.

Hyundai Motor Group will invest 24.3 trillion won ($16.7 billion) this year in South Korea, the largest-ever annual investment in its home country, to advance its future mobility technologies amid growing uncertainties in the global economy and auto industry.

In March 2024, Hyundai Motor Group announced a three-year investment plan to spend 68 trillion won from 2024 to 2026 to become the leader in electrification, SDVs and future mobility.