Hyundai Motor Group has announced its plans to invest 41 trillion won ($35 billion) in mobility and other auto technologies by 2025.
Part of its plans, that has received government backing, will reportedly be directed towards an effort to become more competitive in self-driving cars.
Reuters reports Hyundai said its plans that encompasses autonomous, connected and electric cars as well as technology for ride-sharing, comes after the automaker and two of its affiliates announced an investment of $1.6 billion in a venture with U.S. self-driving tech firm Aptiv.
South Korea’s government is reportedly also backing Hyundai’s autonomous vehicle funding plans. President Moon Jae-in recently declared that he expected self-driving cars to account for half of new cars on the country’s roads by 2030. “The self-driving market is a golden market to revitalise the economy and create new jobs,” Moon reportedly said in a speech at Hyundai Motor’s research centre near Seoul.
According to Reuters the South Korean government intends to spend 1.7 trillion won between 2021 and 2027 on self-driving technology. It expects Hyundai to launch level 4, or fully autonomous, cars for fleet customers in 2024 and for the general public by 2027.