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Hyundai Plans $22 Billion Technology Spending Binge
Hyundai Motor Co. says it will invest 23 trillion won ($22 billion) over the next five years on self-driving vehicle technologies and electric powertrains.
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Hyundai Motor Co. says it will invest 23 trillion won ($22 billion) over the next five years on self-driving vehicle technologies and electric powertrains.
The company also plans to hire 45,000 more workers over the same period, mainly to work on more environmentally friendly vehicles.
Critics say Hyundai has been left far behind by competitors who are scrambling to keep up with fast-changing trends that are reshaping the nature of personal transportation. One analyst tells the Financial Times that the carmaker faces an “existential threat” in the emerging shift to autonomous vehicles.
Last month Hyundai and its Kia affiliate announced they will roll out as many as 38 electrified vehicles, including fuel cell models, by 2025. The companies currently offer all-electric versions of only two piston-powered cars—the Hyundai Ioniq sedan and Kia Soul MPV—and a fuel cell-equipped edition of the Hyundai Tucson crossover vehicles.
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