The Hyundai Motor Company announced on Wednesday plans to invest a total of 61.1 trillion South Korean won ($51.1 billion) in research and development projects, including those involving electric vehicles, from 2020 until 2025 to facilitate the transition to the Smart Mobility Solution Provider
MOSCOW (Pakistan Point News / Sputnik - 04th December, 2019) The Hyundai Motor Company announced on Wednesday plans to invest a total of 61.1 trillion South Korean won ($51.1 billion) in research and development projects, including those involving electric vehicles, from 2020 until 2025 to facilitate the transition to the Smart Mobility Solution Provider.
These efforts are part of Hyundai's Strategy 2025, which aims to boost profitability, secure leadership in the future mobility industry and foster sustainability.
"To this end, Hyundai will earmark KRW 61.1 trillion of investment until 2025 for research and development (R&D) and further exploration of future technologies. In the same timeframe, the company will target an operating margin of 8 percent in its automotive business and aim for a 5 percent share of the global vehicle market," the company said in a press release.
Hyundai added that almost $16.8 billion of the investments would be allocated to future technological developments, including electrification, robotics and artificial intelligence.
The company seeks to become leader in electrification by selling 670,000 vehicles annually. By 2030, it plans to electrify most new models in key markets, such as the US, China and Europe.
Hyundai Motor Company was established in 1967 and is headquartered in Seoul. It is the fourth biggest automotive company in the world, selling over 4.5 million vehicles globally in 2018.
