Hyundai To Invest $35 Billion In New Auto Technologies By 2025

Hyundai will invest the equivalent of $35 billion in mobility and other automotive technologies by 2025, Reuters reports.

In an announcement, the company revealed that its huge investment will encompass autonomous, connected and electric vehicles, as well as the associated technology for ride-sharing services.

The South Korean government fully supports Hyundai’s move with President Moon Jae-in boldly declaring that self-driving cars could account for half of all new car sales in the country by 2030, saying that “the self-driving market is a golden market to revitalize the economy and create new jobs”.

Also Read: Hyundai And Aptiv Join Forces For Autonomous Driving Joint Venture

An industry ministry official told Reuters that the government will spend 1.7 trillion won ($1.4 billion) on self-driving technologies between 2021 and 2027 and expects Hyundai to launch a Level 4 autonomous vehicles for fleet customers in 2024 and for the general public in 2027.

Hyundai’s investments come shortly after it was announced that it and two affiliates will invest $1.6 billion with U.S. self-driving technology company and supplier Aptiv.

Achieving the South Korean government’s self-driving goals may not be easy. The government recently acknowledged that the nation lags behind in some key areas necessary for self-driving vehicles including artificial intelligence, logic chips, and sensors. Some experts believe the targets set by the government and Hyundai may not be realistic.

“Hyundai has to buy technology from someone else because it lacks software technology. Even though it has a lot of cash, this could become a financial burden if its earnings deteriorate,” analyst from Samsung Securities, Esther Yim said.

To prepare itself for the world of autonomous vehicles, the South Korean government will prepare a regulatory and legal framework for self-driving cars and the questions they pose by 2024.

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  • MarketAndChurch

    If there was ever a better time for Fiat to sell off Chrysler corp to Hyundai, now is that time.

    • Eddie Williams

      I doubt Hyundai will…At one point I thought it would have been a good idea….Nahhhhh!!!

      • MarketAndChurch

        I think Hyundai could gain from having a truck platform, especially considering that Ram has now dethroned Chevy for the number 2 best selling pickup in the US, and Jeep as popular as ever, as well as Dodge who refuses to quit despite FCA’s lack of investment and a growing loyal following that continue to buy their products, giving the Charger 4-door sedan a reason to continue despite every other automaker ending their large sedans except for Toyota and a market that has grown hostile not only to sedans, but especially large ones.

        It would give Hyundai the chance to invest in brands that, given modern technology, could carve out a much larger % of the US market and give them huge returns in profits, while giving Hyundai truck and SUV platforms to use in their own product line. If Hyundai could take Jeep/Dodge global, the sky’s the limit.

        • Porkopolis

          Chrysler could learn a lot about refinement from Hyundai (Kia notsomuch).

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