Hyundai Motor unveils $35 bln investment plan

Amount to be invested in mobility and other auto technologies by 2025

Amount to be invested in mobility and other auto technologies by 2025

These plans were included in the Korean government's vision for the future vehicle industry, which was unveiled on October 15.

President Moon Jae-in presented a new national goal to become the world's first in putting autonomous driving into commercial use on actual roads, saying South Korea should lead the era of the Fourth Industrial Revolution with future cars. President Jae-in expects self-driving cars to account for half of new cars on the country's roads by 2030.

South Korean companies planned to invest about 60 trillion won (50.6 billion US dollars) in developing future car-related technologies for the next 10 years.

In a 45-page report on future automotive technology, the government acknowledged South Korea lags in some key areas necessary for self-driving cars such artificial intelligence, sensors and logic chips.

"Korea will raise the portion of new electric and hydrogen cars in new vehicle sales to 33 percent and secure 10 percent market share (of the global green auto market) by 2030", said President Moon during a proclamation ceremony for the national vision of the future auto industry, at Hyundai Kia Motors Namyang Technological Research Center in Hwaseong, Gyeonggi Province, on Tuesday afternoon.

Moon also predicted that electric and hydrogen-fueled vehicles will account for 33% of automobiles sold in 2030, compared with about 2.6% in 2019.

The massive investment plans includes autonomous vehicles, electric cars, connected vehicles and technology for ride-sharing and comes after the automaker and two of its affiliates announced an investment of $1.6 billion in a venture with US self-driving tech firm Aptiv.

"We will be the first in the world to commercialize autonomous driving", Moon said, calling for the construction of infrastructures, including wireless communication networks between cars and roads, three-dimensional precision maps, integrated control systems, and road signs by 2024 and the commercialization of fully autonomous driving on major roads without the involvement of drivers in 2027.

It has the backing of the government: South Korea's trade minister promised a new regulatory framework for the new technologies.

Moon said the government will make a separate investment of 2.2 trillion won (1.8 billion USA dollars) to help local companies develop core components and materials in the future vehicle sector.

The government also aims to lay the technological and legal groundwork for the demonstration of flying cars in 2025.

"Hyundai has to buy technology from someone else because it lacks software technology".

And also spoke of hydrogen power as the "future bread and butter" of Asia's number 4 economy.

Hyundai Motor Group Executive Vice Chairman Chung Euisun, the heir apparent to the Korean auto giant, expected the company's massive investment to allow consumers in the near future "to choose from a wide variety of transport options ranging from urban air mobility solutions, last-mile mobility to robots".

Hyundai current offers the hydrogen-powered Nexo Fuel Cell in California.

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