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Hyundai Motor eyes thrust on electric vehicles in $52 billion investment plan


Added 12-04-19 04:03:01am EST - “Hyundai Motor plans to invest about 61.1 trillion won ($51.81 billion) between 2...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Hyundai Motor eyes thrust on electric vehicles in $52 billion investment plan”. Below is an excerpt from the article.

SEOUL (Reuters) - Hyundai Motor plans to invest about 61.1 trillion won ($51.81 billion) between 2020 and 2025, the company said on Wednesday, with a third of the expenditure focused on electric and autonomous vehicles, but analysts want to see it deliver.

The South Korean car maker unveiled a “Strategy 2025” roadmap that envisages annual average spending of 10 trillion won, exceeding that of previous years, and up from a 2018 figure of 6.1 trillion won.

Shares in Hyundai rose as much as 2% on the news, only to give up most of their gains by the close of trade, with analysts waiting to see how its intentions translate into action.

“Its announcement of investment plan and goals is full of good words, but not real results yet,” said Lee Han-joon, an analyst at KTB Investment & Securities. “The plan itself also wasn’t an amazing one.”

South Korea’s top automaker is accelerating efforts to catch up in the race to bring self-driving cars to market.

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