Hyundai's billion dollar electric ambition

When every auto-maker today is doing its best to enter the electric car market South Korean auto giant Hyundai wants to leave no stone unturned in building high stakes in electric and self-driving cars. 

Hyundai has recently announced that it plans to invest 35 billion dollars into the ‘future of Technology’ by 2025. This announcement puts them in line with many other major players in the auto sector. 

The announcement was backed by a pledge from South Korea's government to spend 2.2 trillion won ($1.9 billion) on innovative auto technology. 


"Our goal is to become the number one country for future car competitiveness by 2030," President Moon Jae-in said, speaking recently at a Hyundai research center. 

South Korea will "be the first in the world to commercialize autonomous driving," and a third of the cars on the country's roads in the next decade should be electric or hydrogen-powered, he added.

 

Japan's mammoth investor  SoftBank (SFTBF) has invested billions in partnerships with Toyota (TM) and GM (GM) to help develop driverless cars. 

 

Ford (F) and Baidu (BIDU) have teamed up to develop self-driving cars in China. And Volkswagen (VLKAF) started testing electric cars fitted with autonomous technology on a section of Hamburg's streets.

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