STORY: Hyundai Motor Group says it plans to invest a record $16.7 billion in its South Korean operations.
That would be up almost a fifth on the year.
Thursday’s (January 9) move is a bid to secure future growth even as the firm grapples with economic uncertainty and political turmoil in its home country.
The group – which includes Kia as well as the namesake Hyundai brand – is the world’s number three automaker, behind Toyota and Volkswagen.
Around half its new investment will go on developing next-generation products, including electric and hydrogen fuelled vehicles.
The other half will go on regular investments for things like adjusting production lines to make EVs.
In a statement, the group said it was all necessary to overcome the current “crisis” – without specifying what crisis it meant.
Last week, the company referred to recession and global conflict as key…
