Hyundai Motor Group said Tuesday it plans to invest 80.7 trillion won (approximately US$72.7 billion) over the next four years, with the aim of becoming a global leader by obtaining technologies for for future cars such as eco-friendly and smart vehicles.
Under the plan, the automotive group will spend an annual average of 20.2 trillion won between 2015 and 2018, up 35.6 percent from a record high of 14.9 trillion won it spent in 2014.
Of the total money, 49.1 trillion won will be set aside to build new plants, expand facilities, establish a global business center and fortify an IT infrastructure. The remaining 31.6 trillion won will be spent on R&D.
Last week, the group announced plans to build a skyscraper, namely "Global Business Center (GBR)," in southern Seoul, which will incorporate its affiliates, an auto theme park, a hotel, a convention center and a facility where visitors can experience "hallyu," the wave of Korean pop culture.
The group will make a large amount of investment during the four-year period to "strengthen its competitiveness abroad by improving the quality of Hyundai and Kia cars, secure a new growth engine and enhance its brand value," a company official said.
reporter
Park Sae-jin
swatchsjp@ajunews.com
