In an effort to expand its line-up and add much-needed production capacity, Hyundai Motor Group plans to invest almost $74 billion over the next four years.
The move was announced barely a week after Chung Moon-koo, the chairman of the group that controls both Hyundai and Seoul-based affiliate Kia, forecast the group will see its slowest growth in a decade as it deals with increased competition and a weaker global economy. Hyundai officials have also said that once-booming growth has been restricted by limited production capacity in key markets including North America.
At 81 trillion Korean won, the spending plan by the world’s fifth-largest automaker works out to a 35% annual increase for each of the four years compared with 2014’s previous record investment level of 14.9 trillion won. (more…)