Hyundai does not intend to be left behind in the high-stakes race to build mass-market electric and self-driving cars.
South Korea’s largest car company said Tuesday that it plans to invest 41 trillion won ($35 billion) into “future mobility technology” by 2025.
That massive pledge puts it on par with some of the industry’s top players. Volkswagen (VLKAF) is spending €30 billion ($34 billion) over the next five years to make an electric or hybrid version of every vehicle in its lineup.
Hyundai (HYMTF) said Tuesday it plans to release 23 kinds of electric vehicles by 2025. That would make up roughly half of its new lineup.
The automaker has a powerful partner in its efforts to transform its business. The announcement was backed by a pledge from South Korea’s government to spend 2.2 trillion won ($1.9 billion) on innovative auto technology.