SEOUL, Dec. 4 (Xinhua) -- South Korea's biggest carmaker Hyundai Motor said Wednesday that it will invest around 51 billion U.S. dollars in future mobility devices and services by 2025 as part of efforts to facilitate its transition into a smart mobility solution provider.
Hyundai said in a statement that over a six-year period from 2020 to 2025, it will invest 61.1 trillion won (51.2 billion U.S. dollars), or roughly 10 trillion won (8.4 billion U.S. dollars) per year, into research and development (R&D) and future core technologies.
Among the total, 41.1 trillion won (34.4 billion U.S. dollars) will be allocated for product and capital expenditure to enhance competitiveness in existing businesses, while 20 trillion won (16.8 billion U.S. dollars) will be dedicated to future technologies such as vehicle electrification, autonomous driving, artificial intelligence (AI), robotics, personal air vehicle (PAV) and new energy area.
While bolstering profitability in its internal combustion engine (ICE) vehicles, Hyundai planned to address electrified vehicles by first targeting younger drivers and enterprise customers with affordable battery electric vehicles (BEVs) to achieve economies of scale.
The carmaker aimed to sell 670,000 electric vehicles annually, comprising 560,000 BEVs and 110,000 fuel-cell electric vehicles (FCEVs), by 2025, while electrifying most new models in key markets such as South Korea, China, the United States and Europe by 2030 and in emerging markets such as India and Brazil by 2035.
Smart mobility services will be fostered as a key future growth driver for Hyundai by bringing together devices and services to offer a personalized mobility solution to customers.
