Hyundai Motors Discloses Future Investment of $52 Billion

On Wednesday, the vehicle manufacturing giant, Hyundai Motors plans to invest roughly 61.1 trillion won ($51.81 billion).

The project is seen between 2020 and 2025, about one-third of the outlay is focused on electric and autonomous vehicles, according to the company.

Moreover, the South Korean carmaker disclosed a “Strategy 2025” roadmap. The annual average spending of 10 trillion won predicted. It is higher than the preceding years, and up from a 2018 amount of 6.1 trillion won.

Hyundai will allocate about 20 trillion won of the total investment, spread throughout six years, to future technologies.

An ambitious target in the year 2025 was set. It is to place itself along with the world’s leading three producers of battery and fuel cell vehicles, as well as having annual sales of 670,000 in electric vehicles, containing 560,000 battery-based cars.

Meanwhile, Hyundai shares inched up 2% after the announcement, which contained a plan to buy back 259.6 billion won worth of common shares.

Read further: Hyundai And Kia Motors To Resolve Engine Lawsuit

November Sales of Hyundai Motors America 

Elsewhere, Hyundai Motor America today described its total November sales to grow by 6 percent over 2018.

The upsurge was due to its SUV lineup and the preliminary sales of the new 2020 Sonata, made in Montgomery.

According to Hyundai, it’s the 15th time out of the previous 16 months of expanding total Hyundai vehicle sales.

Last November, Hyundai have 60,601 vehicles that were put up for sale.

In addition, retail sales soared 19 percent last month. It was the second straight month with double-digit retail development.

One reason for the progress was the remodeled 2020 Sonata, which hit the market.

Last month, the production of the 2020 Sonata began in Montgomery.

The 2020 Sonata is the first sedan with what the company calls its Sensuous Sportiness design language. It has a sporty four-door-coupe view.

Moreover, it retains a lessened weight for improvements in design, safety, efficiency, and driving performance, according to the firm.

Meanwhile, the retail progress in the month was because of the Santa Fe model. The units are in Montgomery. Sales of the model were higher by 26 percent.