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
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
-
Apple Reports its First Fender-Bender with Autonomous Car
Apple Inc. reports that one of its self-driving cars operating in autonomous mode was struck by another vehicle while inching into freeway traffic in California.
-
Kroger Tests Self-Driving Grocery Delivery Service
The Kroger Co. and Silicon Valley startup Nuro launched a pilot program for autonomous grocery delivery this week in Scottsdale, Ariz.
-
Toyota Employees to Aid Michigan V2X Research
Toyota Motor Corp. is encouraging employees at its research and development center near Ann Arbor, Mich., to participate in an on-going program there to test connected vehicle technologies.