This reflects Hyundai Motor Group Chairman Chung Eui-sun's commitment to continue investing to secure future growth engines in response to the "perfect storm" such as the economic recession, challenges from Chinese automakers and changes in the normal environment.
Hyundai Motor Group said on the 9th that it plans to invest 24.3 trillion won this year, up more than 3.9 trillion won from 20.4 trillion won in domestic investment last year. This is part of Chung's promised domestic investment plan for a total of 68 trillion won between 2024 and 2026.
Hyundai Motor Group plans to focus on investing in new business areas such as developing next-generation new products, preoccupying key new technologies, and accelerating the development of electric and software technologies. 11.5 trillion won has been allocated to "R&D investment." This will speed up the development of new electric vehicle models and next-generation hybrid systems. It will also develop software-oriented vehicles (SDV) that will become a future automobile platform.
It will invest 12 trillion won in "expansion of facilities" in the name of current investment. In the second half of this year, the company will complete the Kia Hwaseong EVO plant and produce customized electric vehicles. Hyundai Motor's electric vehicle (EV) plant, which is being built in Ulsan, will be operated in the first half of next year to produce ultra-large sports utility vehicle (SUV) electric vehicles. "Strategic Investment," which invests a total of 800 billion won, focuses on core research necessary to enhance future business competitiveness such as autonomous driving, software, and artificial intelligence (AI).
In order to improve manufacturing competitiveness, hypercasting method is introduced to Ulsan plant. It aims to increase production efficiency and improve next-generation electric vehicle performance by manufacturing the entire body. It will also expand 'HTWO grid solutions' including hydrogen fuel cell systems, hydrogen bus and truck development, and hydrogen charging stations.
It will promote the construction of new factories for electric vehicle modules and the development of parts in preparation for SDV conversion. It will also invest in eco-friendly facilities to reduce greenhouse gases and in the construction of liquefied natural gas (LNG) self-powered power plants.
[Kim Dongeun is a reporter]
