NEW YORK:Hyundai Motor Group, the world’s fifth largest automaker, said Tuesday that it will invest about 81 trillion won ($73 billion) over the next four years. A total of 49.1 trillion won will be invested in building new plants, while 31.6 trillion won will be set aside for research and development by 2018.
The company’s largest-ever investment plan is aimed at becoming a global leader by securing core technologies needed for eco-friendly and smart vehicles,” said a Hyundai Motor spokesman.
In particular, we will focus our investment in Korea in a bid to help bring about local economic effects, create jobs and contribute to stimulating the national economy,” he added.
Some 76 percent of the investment, or 61.2 trillion won, was allocated for Korea.
Under the plan, the Hyundai Motor Group is expected to spend an annual average of 20.2 trillion won through 2018, a more than 35 percent rise from its previous all-time high of 14.9 trillion won in 2014.In comparison, the Seoul government has allocated 18.9 trillion won for the nation’s R&D budget this year.
In preparation of post-8 million global sales era, the group will inject 68.9 trillion won into the auto-making sector.In particular, it will invest 3.9 trillion won into R&D by its parts makers including Hyundai Mobis and Hyundai Powertech.
