Hyundai to spend US$35bn on future automotive tech
Hyundai Motor Group said it planned to invest US$34.65 billion in mobility technology and strategic investments by 2025.
The plan, which Hyundai said encompassed autonomous, connected and electric vehicles, came after the company and two of its affiliates announced an investment of $1.6bn in a joint venture with US self-driving tech firm Aptiv.
Hyundai's plan also received a boost from the South Korean government, which said that it plans to spend KRW1.7 trillion from 2021-27 to boost autonomous vehicle technology and which would include automotive parts, systems and infrastructure.
Hyundai will launch a nationwide service of fully autonomous cars (from SAE level 4) to fleet customers in 2024 and the general public by 2027.
This push is part of a blueprint for future cars South Korean President Moon Jae-in announced at an event at Hwaseong Hyundai Motor's R&S centre near Seoul.