Hyundai Motor Group Chairman Euisun Chung / Yonhap |
Korea's Hyundai Motor Group said Tuesday it will invest 63 trillion won ($49.8 billion) in its domestic businesses by 2025 in the latest move to become a future mobility systems and solutions provider.
Hyundai Motor, Kia and Hyundai Mobis will make the investments in their domestic production facilities, electrification, autonomous driving and other next-generation technologies to serve as the "hub of the group's future businesses," the group said in a statement.
The three companies are major affiliates of the world's fifth-biggest automotive group by sales.
The latest move came just days after Hyundai Motor Group Chairman Euisun Chung announced investments of a total of $10.54 billion to build a dedicated electric vehicle plant in the U.S. state of Georgia and to develop robotics and autonomous driving technologies in the United States.
Hyundai Motor, Kia and Hyundai Mobis will spend a combined 16.2 trillion won out of 63 trillion won to gain a competitive edge over rivals in all-electric and environment-friendly vehicles, the statement said.