Hyundai Motor Group says it plans to make investments a record $16.7 billion in its South Korean operations.
That might be up nearly a 5th at the year.
Thursday`s (January 9) circulate is a bid to steady future increase whilst the organization grapples with monetary uncertainty and political turmoil in its domestic country.
The group – which incorporates Kia in addition to the namesake Hyundai brand – is the world`s quantity 3 automaker, at the back of Toyota and Volkswagen.
Around half its new funding will pass on growing next-technology products, which includes electric powered and hydrogen fuelled vehicles.
The different half will pass on regular investments for such things as adjusting manufacturing strains to make EVs.
The group said in a statement that everything is needed to overcome the current “crisis,” but did not specify what kind of crisis it is.
The company last week identified economic downturn and global conflict as key external risks.
South Korean consumer confidence plummeted following the declaration of martial law and the subsequent impeachment of President Yoon Suk Yeol.
Meanwhile, U.S. President-elect Donald Trump announced he would impose a 10% tariff on all imports. Kia Motors shares were up nearly 4% by early afternoon after the news was released, while Hyundai Motor shares were up about 1%.
Both gains were well above Seoul’s benchmark Kospi index.
Earlier this month Hyundai and Kia said they planned to increase their combined global sales to nearly 7.4 million vehicles this year, after seeing a decline in 2024.