Hyundai Motor Group, South Korea's biggest automotive group, said Thursday that it will invest 100 trillion won (about 87 billion U.S. dollars) for the next five years in a bid to expand presence in the future mobility market.
Hyundai said in a statement that the total planned group-wide investment for future growth for the next five years is 100 trillion won, with the annual investment amounting to 20 trillion won (some 17.5 billion U.S. dollars).
The automotive group would focus on securing its leadership in vehicle electrification, expanding hydrogen industry ecosystem, commercializing self-driving vehicles and expanding mobility services businesses.
"To consolidate our leadership in vehicle electrification, we plan to operate 44 electrified models by 2025, including 11 dedicated BEV models, by bolstering the development of EV platforms and core components," Chung Euisun, executive vice chairman of Hyundai Motor Group, said in his New Year address.
Hyundai aimed to increase its electrified lineup from 24 models in 2019 to 44 models by 2025, including 13 hybrids, six plug-in hybrids, 23 battery electric vehicles (BEV) and two hydrogen fuel-cell electric vehicles (FCEV).
"In our fuel-cell electric vehicle business, where we boast the world's top technological competitiveness, we will hit our stride by providing fuel-cell systems to customers not only in the automotive industry but also in other sectors," said Chung.
The automotive group planned to supply fuel-cell systems to the transport sector, which involves vehicles, vessels, railcars and forklifts, and to the power-generation sector covering electricity production and storage.
With the supply, Hyundai aimed to deliver about 200,000 fuel-cell systems per year around the world by 2030.
"In the autonomous driving industry which is the core of future vehicles development, we will attain the world's top safety and technological innovation competitiveness ... targeting the commercialization of the technology in 2023," said the executive vice chairman.
Hyundai aimed to speed up the development of the autonomous driving software technology and commercialize self-driving vehicles with Society of Automotive Engineers (SAE) Level 4 and Level 5 technology in the near future.
It planned to develop an autonomous driving platform by 2022, operate autonomous vehicles in select regions in 2023, and commercially produce vehicles by the second half of 2024.
A Level 4 vehicle can drive itself under limited conditions and will not run unless all required conditions are met. A Level 5 car can drive itself under any conditions.
The group will kick-start its car-sharing business in full swing in Los Angeles this year via its mobility service company MoceanLab, which was established last year, while expanding collaboration with mobility platform companies.
It also planned to offer smart mobility solutions in a wide range of areas, such as robotics, Urban Air Mobility (UAM) based on Personal Air Vehicles (PAV) and smart city development alongside automobile-based innovations.
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