Hyundai eyes EVs in $52 bln investment plan
Strategy 2025 is what Hyundai calls its new roadmap to the future.
And it comes with a 52 billion dollar price tag.
That's how much the carmaker wants to invest over the next half decade, it announced on Wednesday (December 4) ...
With a third of it earmarked for electric and autonomous vehicles.
It comes too with an ambitious target:
By 2025, Hyundai wants to be among the world's top three makers of battery and fuel cell vehicles.
Hyundai unveiled its hydrogen technology two years ago.
It's also wants to develop flying cars..
While playing catch up in the race to bring self-driving cars to market.
It may have to move fast to convince analysts:
The plan is full of good words, one said, but no real results yet.
And globally, the industry's on a rocky road.
Germany's VDA - the public face of its car industry - warned of more job cuts in 2020.
Competition is getting tougher, headwinds stronger, according to its boss, Bernhard Mattes, on Wednesday.
(SOUNDBITE) (German) VDA AUTOMOBILE ASSOCIATION PRESIDENT BERNHARD MATTES, SAYING:
"We expect global sales of 80.1 million cars for 2019. The 4.1 million decline - or 5% - is worse than during the financial crisis 10 years ago."
Much of that, he added, is down to China.
Sales in what is the world's largest car market - and the biggest for Hyundai - will have dropped a tenth this year, he said.
And will continue going down, next.
