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12/4, 5:20 AM (Source: TeleTrader)
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Hyundai to invest $51B from 2020 to 2025 in new business plan

Hyundai Motor Company announced in a press release on Wednesday that it will make investments valued at 61.1 trillion won ($51.16 billion) aimed to improve the company's future standing on the global market.

The carmaker's plan was named "Strategy 2025" and will include Smart Mobility Device, which will focus on services, and Smart Mobility Service, which will provide personalized content, as two key components of the plan. Hyundai plans to sell 670,000 electric vehicles on a yearly basis to achieve a leading position in that market. The South Korean company also revealed a 300 billion won ($251 million) share buyback program, set to be finalized by February next year.

President and CEO Lee Won-hee stated: "The key to our future strategy is to focus on customers and to present the most desirable products and services. We want to offer smart mobility experiences that meet shifting needs of our customers by leveraging advanced technology. Transforming into a Smart Mobility Solution Provider with comprehensive mobility solutions that combine devices and services will be the centerpiece of Hyundai’s future strategy."

Breaking the News / MS