Hyundai plan to invest KRW ₩41tn (over €30 billion) in mobility technology and strategic investments by 2025, as they strive to catch up to competitors in the self-driving car race.
The
plan, which Hyundai say encompasses autonomous, connected and electric
vehicles, comes after the company and two of their affiliates announced an investment of $1.6bn in a joint venture
with US self-driving tech firm Aptiv.
The South Korean government will likely also spend ₩1.7tn from 2021–27 to boost
autonomous vehicle technology.
The government expect Hyundai to launch a nationwide service of fully
autonomous cars to fleet customers in 2024 and the general public by 2027, and are
conducting a feasibility study for their proposed funding boost which
would include parts, systems and infrastructure. The Government’s position is
that Korea lags in self-driving car software and key parts like sensors and
chips, despite the country’s advanced, fifth generation mobile data network.
Part of the catchup effort includes preparations presently under way for a
regulatory and legal framework to ensure the safety of autonomous cars by 2024.
Industry Minister Sung Yoon-Mo is reported to have said South Korea will “actively
transition from combustion-engine cars to future cars”.
The
South Korean Government also aim to lay the technological and legal groundwork
for the demonstration of flying cars in 2025.
