News
Hyundai Motor Group Reports Record-Breaking Investments
Hyundai Motor Group from South Korea has declared a record investment of 16 billion euros aimed at strengthening the development of electric vehicles and artificial intelligence during these uncertain times for the global economy and automotive sector.
As the third-largest automaker worldwide, Hyundai faces intense foreign competition, and the recent election of US President Donald Trump is likely to lead to increased tariffs. Domestically, Hyundai struggles with modest demand, worsened by political instability.
The investment of 16.1 billion euros marks over a 19 percent rise from 13.6 billion euros last year, as stated in a press release from Hyundai Motor Group. This figure includes contributions from its subsidiaries, such as Hyundai Motor and Kia. The group’s rationale for making the largest investment in South Korea this year is based on the conviction that ongoing and stable investment is crucial for navigating crises and fostering future growth in an increasingly unpredictable landscape, as reported by the French agency AFP.
Of the total amount of investments planned for this year, they plan to invest 7.6 billion euros in research and development of next-generation products, as well as hydrogen and electrification technologies.
They plan to invest eight billion euros in general investments aimed at expanding electric vehicle production and developing new models. Hyundai Motor plans to launch 21 electric car models by 2030, while sister company Kia plans 15 models by 2027.
The investment plan should “contribute to the revival of the (South Korean) economy and the advancement of related industries,” the group stressed.
Around 532 million euros will be spent on strategic investments, including the development of autonomous driving, software and artificial intelligence.
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