South Korea’s largest automaker, Hyundai Motor Group, plans to invest $87 billion over the next five years in future mobility technologies like electric vehicles and autonomous driving.
Its Executive Vice Chairman Chung Eui-sun, who is heir apparent of the country’s No. 2 conglomerate, announced the plan last Thursday during the group’s New Year’s ceremony at its head office in Seoul.
He said: “To consolidate our leadership in vehicle electrification, we plan to operate 44 electrified models by 2025, including 11 dedicated battery EV models, by bolstering the development of EV platforms and core components.
“In particular, in our fuel-cell electric vehicle business, where we boast the world’s top technological competitiveness, we will hit our stride by providing fuel-cell systems to customers not only in the automotive industry but also in other sectors.”
Hyundai strives to expand its electric line-up to 44 models, including 23 battery EVs and 14 hybrids, and two fuel-cell EVs. The first new battery EV will be launched next year.
Another top priority of Hyundai Motor Group, the world’s fifth-biggest carmaker in terms of sales, is self-driving commercialisation, according to Chung.
The automaker aims to develop an autonomous driving platform by 2022 and to start operating self-driving vehicles in 2023 before commercial production in the next year, he said.
