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Hyundai Motor Group is set to invest $87 billion in the production of electric vehicles and autonomous driving. This disclosure was made by the company’s Executive Vice Chairman, Chung Eui-sun.

The $87 billion investment would be put to work over the course of 5 years in future mobility technologies like the planned production of new electric models.

Hyundai to invest $87 billion into producing 44 new electric vehicles 

Speaking during the Hyundai new year ceremony held at the company’s head office in Seoul, Eui-sun announced that the company plans to expand its electric line-up to 44 models, including 23 battery EVs and 14 hybrids, and two fuel-cell EVs. He said the first new battery EV would be launched next year.

To consolidate our leadership in vehicle electrification, we plan to operate 44 electrified models by 2025, including 11 dedicated battery EV models, by bolstering the development of EV platforms and core components.

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 “In particular, in our fuel-cell electric vehicle business, where we boast the world’s top technological competitiveness, we will hit our stride by providing fuel-cell systems to customers not only in the automotive industry but also in other sectors,” he added.

[READ MORE: ExxonMobil, Shell, Chevron delay $58.4 billion oil and gas investments in Nigeria)

Speaking further, Eui-sun said the company is also big on self-driving commercialisation as it aims to develop an autonomous driving platform by 2022 and to start operating self-driving vehicles in 2023 before commercial production the next year.

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As part of its self-driving commercialisation plan, Hyundai invested $2 billion last year into a joint venture with Ireland-based autonomous vehicle startup Aptiv.

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About Hyundai Motors: With over six plants in the U.S., India, China, Turkey, the Czech Republic, Russia and Brazil, Hyundai Motor is the world’s fifth-largest automaker. It was established in 1967 and has over two dozen auto-related subsidiaries and affiliates.

Hyundai Motor exports over one million high-quality vehicles ranging from sedans, SUVs, trucks and buses to countries across the globe.

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