Hyundai to invest $86 bn in AI, robotics in 5 years
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Seoul: Hyundai Motor Group said on Sunday it will invest 125.2 trillion won ($86 billion) in South Korea over the next five years in artificial intelligence (AI), robotics and other future technologies as part of its broader push to strengthen its domestic manufacturing base.
The large-scale investment, aimed at securing the group's "fundamental growth drivers," comes after the release of the Seoul–Washington joint fact sheet detailing their latest trade agreement that reduced U.S. tariffs on imported Korean cars and auto parts to 15 percent from 25 percent, reports Yonhap news agency.
The investment plan, the largest of its kind in the company's history, was announced shortly after group executive chair Euisun Chung attended a meeting with President Lee Jae Myung, along with a number of other business leaders here, including Samsung Electronics Co. Chairman Lee Jae-yong, to discuss follow-up measures for the tariff deal.
Chung earlier thanked the president for the trade agreement while meeting Lee on the sidelines of the Asia-Pacific Economic Cooperation forum late last month, the group said in a press release.
