Hyundai Motor Group Investing $35bn In Auto Tech Development

Modern technology is changing how we interact with the world, and businesses like EBC Brakes are no exception to this. South Korea’s Hyundai Motor Group recently made an announcement that made it clear that they were aware of the fact, and that they have no intention of being left by the wayside.

The automotive company announced on the second week of October 2019 that they’ll be investing 41tn wan ($34.65bn) in mobility technology developments, as well as additional strategic investments, by 2025, as the automaker, considered South Korea’s top company in the industry, work to get into the lead in the race for creating autonomous vehicles.

According to Hyundai, the plan would cover autonomous, and connected vehicles, as well as electric ones. This plan also came soon after it and two affiliates announced a new joint venture with Aptiv, a US-based self-driving tech firm, valued at $1.6bn.

Hyundai’s move received some backing from the South Korean government, which stated soon after Hyundai’s revelation, that they’ll be spending 1.7tn won from 2021 to 20207 in order to improve the country’s efforts in autonomous vehicle tech.

The government is expecting the automaker to have a fleet of fully autonomous cars operational by 2024, then made available to the South Korean general public by 2027.

South Korean President Moon Jae-in says that it’s part of their plans for the future of the country’s automotive industry.

The government also added that it was also doing feasibility studies as to how their funding boost would work, which would include parts, systems, and infrastructure for autonomous vehicles, affecting any companies like EBC Brakes that operate in the country.

South Korea’s government also noted that it has plans to have a regulatory and legal framework ready by 2024 in order to make sure that autonomous vehicles are safe.

On top of all of that, the government is also working on setting up the foundation for the demo of flying cars by 2025. Hyundai Motor Executive Vice Chair Euisun Chung says that they’re looking at flying cars, which they believe could be commercialized before their autonomous cousins do.

As for the government, Industry Minister Sung Yoon-mo said on a media briefing early October that they’ll be working to actively transition South Korea from combustion-based vehicles to the technologies of the future.