Hyundai to invest $73 billion / Rs. 4.56 lakh crores by 2018 to expand everything
Hyundai Motor Company’s investment plans involve a massive 80.7 trillion won ($73 billion / Rs. 4.56 lakh crores) until 2018.
The company spent 14.9 trillion won on investments last year, which was a record for annual expenses. It seems the automaker is about to set a new record by spending an average of 20.2 trillion won each year for the next four years, based on their allocation of 49.1 trillion won for corporate infrastructure expansion and additional 31.6 trillion won on improving research and development.
Further breakdown of Hyundai’s investment plan reveals a capital of 11.3 trillion won for developing environment-friendly models including electric-powered and hybrid cars, two trillion won for developing Internet-enabled “Smart Cars”, and large parts for setting up new manufacturing facilities in countries including China and Russia. Hyundai currently has three plants in China, two more will be established by 2018. The firm is also going to build new headquarters. A colossal $10 billion was spent on purchasing a large plot of state-owned land in Seoul last year, where a new main complex is about to be arisen.
In the mean time, Hyundai Motor Company will be hiring more than 7,000 new engineers and researchers.
Via – The Times of India