“Hyundai Motor Group will raise the group’s annual investment to 20 trillion won for future growth, which would result in more than 100 trillion won of investment over the next five years,” Vice Chairman Chung Euisun said in a New Year speech at the company headquarters in Seoul. The Korean auto giant will actively seek collaboration with outside developers for open innovation, Chung added.
The group’s massive investment will be spent mostly in scaling up its electric vehicle lineup and accelerating the development of future mobility technologies such as self-driving and flying car technologies.
“We’re aiming to launch 44 electric-powered vehicle models by 2025 including 11 all-electric cars,” said Chung.
This would bump up the company’s EV portfolio to 23 models by 2025 from nine in 2019. The company also plans to develop 13 hybrids, six plug-in hybrids and two hydrogen fuel-cell electric models by the same year. A new electric model mounted with the latest EV architecture is slated for release in 2024.
Hyundai’s sport utility vehicle lineup Sorento, Tucsan and Santa Fe would see hybrid and plug-in hybrid additions this year, Chung said.
In terms of self-driving research efforts, Chung said the company plans to develop an autonomous driving platform by 2022, start test trials in 2023 and enter into mass production by the second half of 2024.
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