Hyundai Motor Group has announced that it plans to invest $35 billion (41 trillion won) in mobility and other automotive technologies by 2025, according to a report by Reuters.
Hyundai’s plan includes autonomous, connected, and electric cars in addition to technology for ridesharing. Recently, Hyundai invested $1.6 billion in a venture with Aptiv, a U.S. self-driving technology firm.
The South Korean government has announced more funding for autonomous vehicle technology, according to the report. President Moon Jae-in recently said that he expects self-driving cars to make up half of new cars on South Korean roads by 2030.
South Korea’s government plans to spend 1.7 trillion won on self-driving technology between 2021 and 2027. Additionally, the government expects Hyundai to launch fully autonomous (level 4) vehicles for fleet customers in 2024 and for the general public by 2027, an industry ministry official told Reuters.
The government said it will put together a legal framework for autonomous vehicles and safety questions by 2024, according to the report.