Mexican Media Brands
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.
#economics #hybrid
Share
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.
RELATED CONTENT
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
GM, Ford Evaluate Possible Economic Slump
General Motors and Ford say they have bolstered their cash reserves in case the trade war between the U.S. and China triggers a global recession.
-
Global Car Market to Shrink for 2-3 Years
Global sales of light vehicles will decline year on year through at least 2021, predicts LMC Automotive at its annual outlook conference outside Detroit, Mich.
