South Korea’s largest automotive group Hyundai Motor Group will invest a record 10 trillion won ($9.45 billion) in the car business alone this year. This year’s planned investment increased 500 billion won from that of last year.
The group is forecast to focus on investing in research and development (R&D) this year as it decided to boost investment without a plan to build new plants, unlike it did last year.
Hyundai Motor Group said Tuesday it decided to invest 10 trillion won in the group’s automobile business including Hyundai Motor, Kia Motors, Hyundai Mobis, Hyundai Kefico, and Hyundai Autron this year. Last year, the group had made investment worth 9.50 trillion won in the car business. The group’s investment in the automobile segment this year will be devoted to research facilities which have been restructured in the beginning of this year. In other words, most of the funds will be spent on R&D and quality control.
For full article, see Maeil Business.