SEOUL, May 27 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s biggest auto parts maker, said Wednesday it will invest 1 trillion won (US$812 million) in research and development projects this year.
In its 2020 sustainability report, Hyundai Mobis said it will invest in 2,000 R&D projects involving next-generation vehicles and expand its R&D workforce to over 5,000.
The R&D spending for the year is slightly higher than the 965 billion won Hyundai Mobis spent in 2019. The company has planned 1.5 trillion won in overall capital expenditure for this year, up from 1.3 trillion won a year earlier.
For sustainable growth, the company said it will focus on securing a future growth driver through the development of autonomous driving and electrification technologies, environment-friendly management and further contribution to local communities.
Early this year, Hyundai Mobis announced it will secure 9 trillion won in the next three years to invest 3-5 trillion won in the expansion of its electrified parts plants, 4-5 trillion won in developing future vehicle technologies and R&D activities, and over 150 billion won in startups.
Hyundai Mobis is a key affiliate of Hyundai Motor Group, along with Hyundai Motor Co. and Kia Motors Corp.