Hyundai Motor Co. will invest 41 trillion South Korean won, or nearly $35 billion, in future mobility and self-driving technology by 2025, The Korea Herald reported Oct. 15, citing the country's President Moon Jae-in.
The automaker is among the South Korean private and public entities expected to inject a total of 60 trillion won over the next 10 years in future car technologies, such as green vehicles and flying cars, the report said. The government will allocate 2.2 trillion won to support the private sector.
"Korea will raise the portion of new electric and hydrogen cars in new vehicle sales to 33% and secure 10% market share [of the global green car market] by 2030," Moon reportedly said at an event at Hyundai's research center.
The president added that the country aims to become the world's No. 1 green car provider and the first nation to commercialize autonomous driving.
"So far, the policies related to self-driving have been based on Level 3, but we now aim to commercialize fully automated driving cars in Level 4 by 2030," he said.
As part of the initiative, Hyundai will share a format for mobility services app development, the newspaper reported. It also plans to supply small- and medium-sized auto manufacturers with a core system for hydrogen car operations, such as fuel-cell stacks and gas tanks.
As of Oct. 14, US$1 was equivalent to 1,183.61 South Korean won.