Thursday 24 September 2020

Hyundai plans $58bn investment in R&D, future tech

SEOUL, December 4, 2019

Hyundai Motor said it will earmark KRW61.1 trillion ($57.8 billion) of investment until 2025 for research and development (R&D) and further exploration of future technologies, while aiming for a 5 per cent share of the global vehicle market.

Hyundai unveiled a new roadmap, named Strategy 2025, to foster Smart Mobility Device and Smart Mobility Service as two core business pillars, and the synergy between the two pillars is expected to facilitate the company’s transition into a Smart Mobility Solution Provider.

The Smart Mobility Device business will supply products optimized for the services and lay the groundwork to help foster the service business. On the other hand, the Smart Mobility Service business will provide personalized contents and services on the devices to help secure a broader customer base.

Hyundai’s plans for Smart Mobility Device include a wide range of product groups beyond automobiles such as Personal Air Vehicle (PAV), robotics, and last-mile mobility. Hyundai will reinforce its manufacturing capabilities to build products that offer customers a seamless mobility experience.

Hyundai aims to secure leadership in electrification by selling 670,000 electric vehicles annually and become one of the world’s top three manufacturers of battery and fuel cell EVs by 2025.

On the Smart Mobility Service side, the company will aim for a business model that combines product and service and launch an integrated mobility platform to offer customers personalized contents and services.

“The key to our future strategy is to focus on customers and to present the most desirable products and services. We want to offer smart mobility experiences that meet shifting needs of our customers by leveraging advanced technology,” said Wonhee Lee, Hyundai’s president and CEO.

“Transforming into a Smart Mobility Solution Provider with comprehensive mobility solutions that combine devices and services will be the centrepiece of Hyundai’s future strategy.” – TradeArabia News Service


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