Hyundai said it will invest 45.3 trillion won in future technology and research and development for the next five years to strengthen its product competitiveness and respond to industry changes.
Hyundai Motor held the CEO’s Best Day on the 27th at Yeouido’s FKI Hall in Seoul, and disclosed its mid- to long-term management strategies and key financial strategies.
Hyundai announced that it plans to invest a total of 45.3 trillion won, including 30.6 trillion won for research and development and current investments, and 14.7 trillion won for future technology including autonomous navigation, from 2019 to 2023. The average annual investment is about 9 trillion won, an increase of more than 58 percent over the past five years, compared with annual average investment of 5.7 trillion won.
In detail, it will invest 20.3 trillion won in R&D and current investments of 30.6 trillion won to secure competitiveness in new car products, and 10.3 trillion won in facility equipment maintenance and old-age production facility improvement.
In particular, the company plans to increase its responsiveness to the SUV and luxury car markets and pursue market share and profitability at the same time. In the case of SUVs, the company plans to actively respond to market demand by securing eight line-ups including the Genesis brand by 2020.
In addition, based on the new design philosophy ‘Sensuous Sportiness’, a variety of new cars, including a third-generation platform and a new power train, are launched in succession, raising overall sales capabilities.
The next investment of 14.7 trillion won will be 6.4 trillion won for smart mobility, 3.3 trillion won for vehicle mobilization, 2.5 trillion won for autonomous navigation and connectivity technology, and development and overall R&D support And 2 trillion won respectively.