16 hours ago / Auto

Hyundai plans to invest $52 billion in developing electric vehicles

automaker Hyundai plans to invest about 61.1 trillion won (almost $52 billion) in the development of electric vehicles over the next five years, the company said in a press release. Such plans are contained in the published road map “Strategy 2025”. The automotive industry's transition to zero-emission technologies and autonomous driving requires huge investments, the document says.

Hyundai is also exploring the possibility of developing flying cars that could be commercialized, said the South Korean company's executive vice chairman Euisan Chong. The company also aims to become one of the world's top three battery and fuel cell manufacturers by 2025, with annual sales of 670,000 electric vehicles, including 560,000 battery-powered vehicles. In addition, Hyundai plans to reduce raw material costs by 34.5 trillion won ($28.9 billion) by 2022. Hyundai announced plans to carry out a share buyback worth 300 billion won ($252 million) by February 2020.

South Korea's leading automaker is stepping up efforts to catch up with competitors and bring new passenger cars to the market, notes . Reuters

shares Hyundai rose 2% on news of the automaker's new investment plans.