According to a report published by Reuters, Hyundai Motor Co. (HYMTF) intends to invest nearly $50 billion in South Korea over the next three years. The investment will help the company boost its competitiveness in electrification, robotics and urban air mobility, and autonomous driving technology.
Further, the South Korean automotive company plans to invest over $10 billion in the U.S. by 2025. This amount includes an investment of $5.5 billion in Georgia for EV and battery facilities. The remaining amount will be used for strengthening Hyundai’s collaboration with advanced technology firms in the U.S.
Seoul-based Hyundai Motor is engaged in the production and sale of motor vehicles and parts. Its brands include Hyundai, Kia, Genesis Motor and Ioniq. The company runs 5,000 dealerships and showrooms and employs 75,000 people across the world.
Last month, Hyundai reported upbeat financial results for the first quarter of 2022. Earnings increased 13.6% year-over-year to $1.91 per share, beating the Street’s estimate of $1.47 per share.
These investments will help the company boost its global presence and diversify its portfolio. The news was well-received by the investors and HYMTF stock rose almost 2.1% on Monday to close at $37.
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