South Korea's Hyundai Motor Group says it plans to boost domestic investment by 19% to a record high of 24.3 trillion won or US$16.65 billion this year to secure future growth even as it grapples with economic and political uncertainties.
Hyundai Motor Group, including Hyundai Motor and Kia Corp, ranks third in global vehicle sales behind Toyota Motor and Volkswagen.
The planned investment by Hyundai Motor Group includes 11.5 trillion won in research and development for next-generation products, electrification, software-defined vehicles, hydrogen-fuelled products and other technology.
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