Hyundai invest $ 50 billion in South Korea by 2025
South Korean car giant Hyundai Motor announced today, Tuesday, May 24, that it seeks to invest about 50 billion dollars in its business locally, by 2025.
The group said that 3 of its subsidiaries, "Hyundai Motors", "Kia Motors" and "Hyundai Mobis" for spare parts, intend to invest 63 trillion won (49.8 billion dollars) in South Korea by 2025, according to a company statement carried by the agency. Korean Yonhap.
Hyundai will invest in local production facilities, in addition to producing electric cars, self-driving cars, and other newer technologies, as the company seeks to make next-generation technologies a focus of its business in the future.
Quantum industrial the quality of
The group's statement said that it will enhance its competitiveness in the field of business, as it seeks to make a qualitative leap in the automotive industry, on the basis of strong local investments.
The announcement comes days after the group's CEO, Gong Ui-sun, said about investing about $10.54 billion to build a factory dedicated to electric cars in the US state of Georgia, and to develop self-driving and autopilot technologies.
The three companies within the Hyundai Group are seeking to spend about 16.2 trillion won out of 63 trillion won, to take the lead in manufacturing all-electric vehicles.
The group said that it will develop a new electronic vehicle platform called "EM", which seeks to replace the group's global electric standard platform "EGMP" and "ES" by 2025.
Internal combustion engines
The South Korean group announced that 8 of the 10 cars sold by Hyundai and Kia will continue to work with internal combustion engines and fuel in 2025.
Hyundai plans to launch 17 electric models by 2030, including 6 Genesis cars, while Kia is preparing to launch 14 electric models by 2027.
The two companies previously announced that they aimed to sell 3.23 million electric cars, including 840,000 cars in the United States.
The two companies seek to increase their share of the global electric car market to 12% by 2030, compared to 5% last year, especially as they are currently the fifth largest car manufacturer around the world.
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Electric car charging points
The South Korean group is seeking to cooperate with other partners to create 5,000 ultra-fast charging points for electric cars throughout South Korea by 2025, as the company has so far built no more than 100 points, and it intends to increase the number to 120 by the end of this year.
Companies within the South Korean group will inject about 8.9 trillion won into future growth engines, such as automated driving, advanced air mobility, autonomous driving and artificial intelligence, and the remaining 38 trillion won will be spent on research and development activities and improving the performance of combustion-engine vehicles.
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