Hyundai Motor Group says to invest $ 73 b by 2018

Wednesday, 7 January 2015 00:17 -     - {{hitsCtrl.values.hits}}

SEOUL (Reuters): South Korea’s Hyundai Motor Group, the world’s fifth-largest automaker, said on Tuesday it would spend $ 73 billion over four years on expanding capacity, building new headquarters and developing new vehicles. The country’s second-largest business conglomerate unveiled the investment plan as the government of President Park Geun-hye pushes companies with large cash reserves to spend more on investment, employment and dividend payments. The group, whose 57 affiliates include automakers Hyundai Motor Co and Kia Motors Corp, said in a statement it would spend 49.1 trillion won on capital investment and 31.6 trillion won on research and development by 2018. It did not elaborate, but the announcement came after Hyundai Motor and Kia Motors said they would build factories in Mexico and China over the coming years, signalling a resumption in capacity expansion. Hyundai Motor and Kia Motors said they would sharply boost spending to develop, for instance, more eco-friendly vehicles and self-driving cars over the next four years. The group said in a statement some three-quarters of the investment would be made within South Korea, which would ‘greatly contribute’ to re-energising the local economy. A large part will likely go into a plot of land that three group units agreed to purchase for 10.55 trillion won, far above the market’s estimate. The group’s total investment plan compares with South Korea’s national capital investment of 127 trillion won over the past year, central bank data shows. Shares in Hyundai Motor and Kia Motors were down 1.8% and 1.2% respectively as of 0453 GMT, largely in line with the wider market’s 1.7 fall. ($ 1 = 1,102.5000 won)

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.

COMMENTS

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.