Hyundai Unveils $52 Billion Spending Plan

Hyundai Motor Co. says it will spend 61.1 trillion won ($52 billion) between 2020 and 2025 on research and advanced technologies.

The six-year plan, called Strategy 2025, aims to transform the carmaker into a “smart mobility solution provider” focused on delivering smart mobility devices and services that include personal airborne vehicles, robotics and last-mile mobility options.

The r&d spending will average roughly 10 trillion won ($8.5 billion) per year compared with last year’s 6.1 trillion-won investment.

Hyundai also strives to become one of the world’s three largest makers of battery and fuel cell vehicles by 2025. The company targets annual sales of 670,000 EVs (84% of them battery powered) over the period.