Hyundai Motors has unveiled its plans to invest $51.81 billion in mobility devices and services between 2020 and 2025. According to the company, its major focus is electric and autonomous vehicles.
This comes at a time when the automaker is increasing its efforts to transition into a smart mobility solution provider.
$34.4 billion will be allocated for product and capital expenditure so as to enhance competitiveness in existing businesses. $16.8 billion will be dedicated to future technologies such as vehicle electrification, autonomous driving, artificial intelligence (AI), robotics, personal air vehicle (PAV) and new energy area.
With this five-year plan, the company aims to spend an average of $8.4 billion annually in research and development (R&D) and future core technologies.
According to Executive Vice Chairman, Euisun Chung, Hyundai Motors is also looking at developing flying cars, which could be commercialized ahead of the most advanced self-driving cars.
Hyundai Motors is a South Korean multinational automotive manufacturer. Its headquarter is in Seoul. It is the third-largest vehicle manufacturer in the world.
It also operates the world’s largest integrated automobile manufacturing facility in Ulsan, South Korea. The facility has an annual production capacity of 1.6 million units.