Hyundai plans to invest US $73 billion (Rs. 4,61,160 crore) in expansion of the company. It is also developing a driverless car.
We all have imagined travelling in a driverless vehicle. This fantasy might be true in a couple of years. The recognised Korean automobile maker Hyundai is working on this technology. The i20 maker has grown impressively in the last decade, spreading its empire in almost all major countries. The company is now looking forward to invest US $73 billion (Rs. 4,61,160 crore) till 2018, including the construction of new headquarters and plants.
Hyundai which is the world’s fifth largest automobile manufacturer is investing such huge money to broaden its base, build new factories and design new vehicles. The investment programme includes 57 other affiliates out of which the car companies Hyundai and Kia play a major role. The group will start expansion initially by building manufacturing plants in China and Mexico. Hyundai and Kia Motors are confident in their plans and aim to bring revolution in the industry by designing eco-friendly vehicles in the next four years.
The association is working in the right direction, almost three-quarters of their colossal investment is made in their home country South Korea which would reinforce their local economy. If all works according to plan, Hyundai will become the top three car manufacturer in the world by 2018, coming into a position to challenge the number one for the top spot. Volkswagen plans to take over the number one position from Toyota by the end of this decade but fears Hyundai as the biggest hurdle in keeping itself at the coveted spot.