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Hyundai Motor unveils $35 bln investment plan

Video Credit: Reuters Studio
Published on October 15, 2019 - Duration: 01:22s

Hyundai Motor unveils $35 bln investment plan

South Korean carmaker Hyundai said it plans to invest 41 trillion won ($35 billion) in mobility and other auto technologies by 2025, part of which will be directed to an ambitious effort to become more competitive in self-driving cars.

David Pollard reports.

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Hyundai Motor unveils $35 bln investment plan

Going green, going clean ... Hyundai launched a first EV over three years ago ... And on Tuesday (October 15) went up a gear in its bid to bring new technology into mainstream motoring.

But at a price: 35 billion dollars to be spent, it said, by 2025.

With a chunk earmarked for developing self-driving cars.

Top of the guest list at the announcement was South Korea's President Moon.

(SOUNDBITE) (Korean) SOUTH KOREAN PRESIDENT MOON JAE-IN SAYING: "The self-driving market is a golden market to revitalise the economy and create new jobs." Moon expects half of South Korea's new cars to be self-driving by 2030.

And also spoke of hydrogen power as the "future bread and butter" of Asia's number 4 economy.

As well as self-driving, the carmaker's new vision encompasses connected and electric vehicles and ride-sharing.

It has the backing of the government: South Korea's trade minister promised a new regulatory framework for the new technologies.

But analysts are posing questions.

Are the targets realistic ... and how can South Korea make up lags in key areas like AI, sensors and logic chips?

Others are worried over the extra burden on Hyundai earnings.

Though at 35 billion dollars, the new plan is still modest .... Compared to the 90 billion dollar EV spend pledged by Germany's global giant, VW.

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