SEOUL — Hyundai Motor Group said it plans to invest 41 trillion won ($35 billion) in mobility and other auto technologies by 2025, part of which will be directed to an ambitious effort to become more competitive in self-driving cars that has also received government backing.
The plan, which Hyundai said 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 US self-driving tech firm Aptiv.
South Korea’s government is also onboard, unveiling more funding for autonomous vehicle technology with President Moon Jae-in declaring on Tuesday 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 revitalize the economy and create new jobs,” Moon said in a speech at Hyundai Motor’s research center near Seoul.
The 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, an industry ministry official told Reuters.
South Korea’s government said it would prepare a regulatory and legal framework for autonomous cars and the safety questions they pose by 2024. It is also aiming to lay the technological and legal groundwork for demonstrations of flying cars by 2025. — Reuters