Hyundai Motor Group is planning to invest $21.6 billion (23 trillion KRW) into five new businesses such as robot, AI (Artificial Intelligence), Smart Car and others for the next five years and this is the first time when Hyundai Motor Company made its plan to commercialize robot and AI fields official. South Korean Government is expecting that this investment by Hyundai Motor Company will be a great help for innovative growths of South Korean industries and it promised that it will not hold back on any support that is necessary for promotion of new industries.
Hyundai Motor Company held an ‘on-site meeting’ with Kim Dong-yeon, who is the minister of Ministry of Strategy and Finance and is also the deputy prime minister for economic affairs and visited Hyundai Motor Company’s Environmental Technology Research Institute and Human Resources Development Institute that are located in Yongin-si on the 17th, and introduced its plans to push for new businesses, make investments, and create jobs.
Deputy Prime Minister Kim announced at the end of last year that he will be meeting with large corporations and visited Hyundai Motor Company and met with Vice-Chairman Chung Eui-sun of Hyundai Motor Company after visiting LG Group first.
Hyundai Motor Company announced its plans on five new businesses such as electric vehicle, Smart Car (self-driving car and connected car), robot and AI, future energy, and promotion of startups. It is going to invest $21.6 billion (23 trillion KRW) into these five industries for the next five years and hire additional 45,000 employees.
Hyundai Motor Company is going to lead ‘innovation of future mobility’ according to changes in trends of future industries such as hyper-connection, convergence of technologies, and society of common ownership. It decided on R&D as the most prioritized task that it needs to do first.
Hyundai Motor Company is going to secure world-class capabilities in technologies regarding wearable robots and commercialize them early within this year. In order to do so, it is working on strategic partnership with domestic and foreign businesses that possess AI technologies. It is going to produce 38 different types of eco-friendly cars by 2025 and commercialize complete self-driving cars by 2030 after going through demonstration of self-driving cars in 2021.
“We are planning to hire excellent and talented people for these five new businesses.” said Vice-Chairman Chung Eui-sun of Hyundai Motor Company. “Although some think that number of jobs will shrink due to automated factories and others, actually we will be able to create jobs in new fields such as software and coding.”
“Hyundai Motor Company’s investment will be a great help for innovative growth being pushed by South Korean Government.” said Deputy Prime Minister Kim. “As leaders in innovative growths, businesses need to play major roles in promoting new industries and creating jobs.” He also added that South Korean Government will ease relevant regulations and not hold back on any support that is necessary to promote new industries.
Hyundai Motor Company announced that it will be establishing an open innovation system through promotion of excellent startup companies, strategic investments, and establishment of joint ventures. It is also going to establish ‘Open Innovation Center’ in South Korea, china, and Germany followed by Israel and the U.S. and it is planning to secure global technologies by working with startup companies on those countries.
During a free discussion that was held on the same day, some people brought up their concerns about early depletion of subsidy for eco-friendly cars this year. South Korean Government responded by saying that it will look into ways of securing additional budget when necessary.
Regarding a suggestion about installment of fast charging system that is over 350kW, South Korean Government responded by saying that it will be pushing for technical development, standards, and certifications and timely supply high-power chargers depending on technical development. Regarding construction of charging facilities for fuel cell cars, South Korean Government responded that it will look into whether or not it can build additional facilities besides its initial plan for this year.
Staff Reporter Yoo, Seonil | ysi@etnews.com & Staff Reporter Ryu, Jongeun | rje312@etnews.com
