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South Korea’s Hyundai Mobis announced at a board meeting last week that it plans to invest KRW10trn (US$8bn) over the next three years to strengthen its “new mobility solutions” business.
The Hyundai Motor Group affiliate plans to invest up to KRW5trn-KRW6trn in “organic growth” as the main focus of the investment is to strengthen its presence in the electric power plant segment and related components. It plans to invest an additional KRW3trn-KRW4trn to expand autonomous driving, advanced driver assistance system (ADAS) and software development activities.
The company stated that it will seek foreign investment through strategic M&A, including in autonomous driving and related software. Mobility (AAM).
Hyundai Mobis plans to continue investing in R&D to improve future mobility in electrification and electronic components. The company had set a target of generating orders worth US$5.4bn this year from global carmakers outside Hyundai Motor Group, or 10% of global revenue, up from a target of US$4.65bn in 2022.
Hyundai Mobis said it will set aside KRW5trn as a cash buffer this year to deal with unexpected developments due to the global economic slowdown and rising market volatility.
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