Hyundai Motor Group to invest 68 trln won over 3 years (updated)

Hyundai Engineering & Construction Co

27/03/2024 01:18

(Updates with details from company statement)
       SEOUL, March 27 (Reuters) - South Korea's Hyundai Motor
Group said on Wednesday it will invest 68 trillion won ($51
billion) over three years to bolster its growth potential in
electric vehicles and new mobility business and separately hire
80,000 new employees.
    More than half of the investment, or 35.5 trillion won, will
be allocated for new research and development infrastructure and
assembly lines for electric vehicles, the group said in a
statement.
    Another 31.1 trillion won will be slated for research and
development in electric vehicles, including software-defined
vehicles (SDVs) and battery technology, it said. 
    A majority of the new jobs created will be to promote future
business, with 44,000 new staff in electrification, SDVs and
carbon neutrality, it said.     
    Hyundai Motor Group includes flagship Hyundai Motor
 005380.KS  and its affiliate Kia  000270.KS , which together
are the world's number three automaker by sales. 
    Automotive parts maker Hyundai Mobis and Hyundai Engineering
& Construction are also under the conglomerate. 
        
  
    ($1 = 1,343.5000 won)
    

 (Reporting by Jack Kim; Editing by Tom Hogue)
 ((jack.kim@thomsonreuters.com; +822 6936 1455;))