Hyundai Motor Unveils Plan To Invest $52 Billion Over Six Years
In this article (4)
Hyundai Motor plans to invest about 61.1 trillion won between 2020 and 2025, about one-third of the expenditure focused on electric and autonomous vehicles, the company said on Wednesday. The South Korean carmaker unveiled a “Strategy 2025” roadmap that envisaged annual average spending of 10 trillion won, higher than previous years, and up from a 2018 figure of 6.1 trillion won.
Hyundai will devote about 20 trillion won of the total investment, spread across six years, to future technologies, it added.
It also set an ambitious deadline of 2025 to place itself among the world’s top three makers of battery and fuel cell vehicles, with annual sales of 670,000 electric vehicles, including 560,000 battery-based cars.
Hyundai shares were up 2% by 0136 GMT after the announcement, which included a plan to buy back 259.6 billion won worth of common shares.
Questions & Answers
Q.What proportion of Hyundai's planned investment will be allocated to future technologies such as electric and autonomous vehicles?
What proportion of Hyundai's planned investment will be allocated to future technologies such as electric and autonomous vehicles?
Hyundai plans to dedicate approximately one-third of its total investment, which is around 20 trillion won, to future technologies over the six-year period. This includes electric and autonomous vehicles.
Q.What is Hyundai's specific sales target for electric vehicles by its 2025 deadline?
What is Hyundai's specific sales target for electric vehicles by its 2025 deadline?
By 2025, Hyundai aims to achieve annual sales of 670,000 electric vehicles. This total comprises 560,000 battery-based cars and an unspecified number of fuel cell vehicles.
Q.How does the annual average spending under the new strategy compare to Hyundai's expenditure in 2018?
How does the annual average spending under the new strategy compare to Hyundai's expenditure in 2018?
The 'Strategy 2025' roadmap envisages an average annual spending of 10 trillion won. This figure represents an increase from the 6.1 trillion won spent by Hyundai in 2018.
Reader pulse
Is Hyundai's EV target achievable by 2025?
16,362 votes so far