South Korea’s Hyundai Motor unveils plan to take a position $52 billion over six years

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FILE PHOTO: The brand of Hyundai Motors is seen on the firm’s headquarters in Seoul, South Korea, March 22, 2019. Information/Kim Hong-Ji

SEOUL (Information) – Hyundai Motor plans to take a position about 61.1 trillion gained ($51.81 billion) between 2020 and 2025, about one-third of the expenditure targeted on electrical and autonomous autos, the corporate stated on Wednesday.

The South Korean carmaker unveiled a “Technique 2025” roadmap that envisaged annual common spending of 10 trillion gained, greater than earlier years, and up from a 2018 determine of 6.1 trillion gained.

Hyundai will commit about 20 trillion gained of the full funding, unfold throughout six years, to future applied sciences, it added.

It additionally set an bold deadline of 2025 to put itself among the many world’s prime three makers of battery and gasoline cell autos, with annual gross sales of 670,000 electrical autos, together with 560,000 battery-based vehicles.

Hyundai shares have been up 2% by 0136 GMT after the announcement, which included a plan to purchase again 259.6 billion gained value of widespread shares.

Reporting by Ju-min Park and Choonsik Yoo; Modifying by Kim Coghill and Clarence Fernandez