Hyundai commits $22bn to new technologies

During a meeting at Hyundai’s Research Centre in Yongin, Gyeonggi Province between the company and the South Korean Finance Ministry, Hyundai announced that it will be committing $21.56bn to new technology initiatives between now and 2023.

Present at the meeting was Hyundai’s Vice Chairman Eui-sun and Finance Minister Kim Don-yeon, along with a number of other leading Hyundai officials.

This announcement included a number of new key focus areas for the South Korean auto manufacturing giant, with autonomous and connected vehicles, electric vehicles and artificial intelligence (AI) all having been mentioned.

See also:

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• BMW Brilliance Automotive joint venture to open high-voltage battery facility in China

According to Reuters, citing industry experts, this sum is not a surprise, with the firm already investing over $3.7bn in capital expenditure annually, and such technologies being the priority of many companies within the industry.

Further, Hyundai has been looking for new areas of growth, with the firm’s sales having dipped through 2017. One example of this is Hyundai’s investment into one of Asia’s leading ride-hailing companies Grab this month.

“Hyundai's strategic investment in Grab marks the beginning of an exciting new partnership between the two parties, bringing Hyundai one step closer to realizing its vision for future mobility,” said Dr Young Cho Chi, Chief Innovation Officer, Hyundai.

“Grab's expertise in the Southeast Asian market coupled with Hyundai's eco-vehicle leadership will bring innovative services to customers.”