Hyundai Motor Group set to invest $35 billion in South Korea for Autonomous vehicles

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Hyundai Motor Group set to invest $35 billion in South Korea for Autonomous vehicles
Hyundai Motor Group set to invest $35 billion in South Korea for Autonomous vehicles

From the CNET, Hyundai Motor Group, which oversees Hyundai and Kia, is slapping down a fat stack of cash in the name of self-driving and autonomous car technology.

The automaker said at a news conference at the automaker’s research center in Hwaseong on Tuesday that it will invest $35 billion in the field to help make South Korea a leader in the segment, Reuters reports.

South Korea’s President Moon Jae-in, also speaking at the event, made the bold statement that South Korea will be the first country to put totally autonomous cars on the road and laid out a goal date of 2027, the Korea Times reported.

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To support local automakers, Hyundai Motor included, the state government will pony up funds to the tune of $16 billion. Automaker and government investments will be prepared for no later than 2025, according to the reports.

The massive investment is all part of a campaign to move ahead of the curve when it comes to not only future powertrains, such as battery-electric cars, but also autonomous technologies.

Hyundai Motor Group set to invest $35 billion in South Korea for Autonomous vehicles
Hyundai Motor Group set to invest $35 billion in South Korea for Autonomous vehicles

President Moon added he wants the country to lead the world in these sectors come 2030, predicting that self-driving cars will make up half of new cars sold by this same date.