Hyundai pledges record $85.8b investment in South Korea

SEOUL, Nov 17 (AFP): South Korean auto giant Hyundai Motor Group pledged on Monday an unprecedented $85.8 billion investment in the country over the next five years, a move that comes on the heels of Seoul's trade deal with Washington.
Hyundai called it "the company's largest-ever domestic investment commitment".
"A significant portion of the investment will focus on new businesses based on advanced AI technologies, such as robotics, contributing to the development of Korea's AI and Robotics innovation ecosystem," the company said in a press release.
The roadmap "highlights the Group's agility in actively responding to the rapidly changing global business environment", it added.
Around 40 per cent of the total spending will go into developing "AI, software defined vehicles (SDVs), electrification, robotics, and hydrogen", the company said.
It added that the investment would help boost exports of South Korea-made vehicles by 13 per cent to 2.47 million units by 2030.