Hyundai invests $35 billion, gears up for automotive tech

SEOUL: Hyundai Motor Group announced its plans to invest $34.65 billion in mobility technology today on Tuesday. The group is aiming to make strategic investments by 2025 as well. These statements came into limelight as South Korea’s celebrated automaker determines to take self-driving car race to the next level.

The plan is revealed when the company along with its two affiliates announced an investment of $1.6 billion with US-based self-driving tech company, Aptiv.

The government of South Korea also welcomed the plan as it is determined to invest 1.7 trillion won in the future to give a boost to autonomous vehicle technology in the country.

According to sources, the South Korean government had conducted a feasibility study that included system, parts and infrastructure. The country is now determined to prepare a legal and regulatory framework to practice the safety of autonomous cars by the year 2024.

On the other hand, Industry Minister Sung Yoon- mo said during a media briefing that, “we will transform from combustion-engine cars to future cars.”

Not only this, the government also revealed the plan to initiate the legal and technological groundwork in order to demonstrate flying cars in 2025.