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Hyundai Motor (OTC:HYMTF) has released its plan to invest $51.81 billion (61.1 trillion won) mostly on electric and autonomous vehicles by 2025, according to Reuters.
What Happened
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The South Korean automotive manufacturer revealed its roadmap for the next six years on Wednesday. The roadmap, called “Strategy 2025” says the company aims to up its annual spending from 6.1 trillion won in 2018 to 10 trillion won in 2019 and onward.
Hyundai has also planned to invest more than one third of its annual budget on future technologies, such as electric and autonomous vehicles.
As for the other plans, Hyundai has a set a goal for them to sell 670,000 electric cars, which they believe will make them one of the world’s top three battery and fuel cell vehicle makers by 2025.
They also plan to reduce raw material costs by 34.5 trillion won between 2019 and 2022.
How The Stock Market Responded
Soon after Hyundai unveiled the “Strategy 2025,” the company’s shares rose up to 2%. But analysts will wait to see how the company’s plan translates into action.
“Its announcement of investment plan and goals is full of good words, but not real results yet,” said an analyst at KTB Investment & Securities, according to the Reuters.
“So, the goal is set, now results should be good, with good products being delivered,” said another analyst Kim Jin-woo to the Reuters. “That’s when investors will make a decision about their bets on Hyundai.”
Hyundai Motor also has future plans to manufacture flying cars, but for now their main focus on bringing their self-driving cars to market.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.