Hyundai-Kia Plans W4.1 Trillion Investment in Green Growth
Hyundai-Kia Automotive Group on Wednesday announced plans to invest W9.3 trillion this year, some W4.1 trillion of which will go to green growth projects (US$1=W1,248).
Korea’s leading automaker on Tuesday postponed a prior plan to announce investment of W3.6 trillion into green growth. Within a day it revised its plans, increasing planned green investment by W500 billion, while the total investment remained at W9.3 trillion. “Procedures within the company delayed the announcement,” a company official said.
The carmaker said it will expand investment into R&D and facilities to establish a mass production system for green cars in 2012, with an aim to become one of the top-four green car companies in the world. It will spend W2.2 trillion to develop eco-friendly cars including hybrid and hydrogen fuel-cell vehicles and W1.4 trillion to develop fuel-efficient engines, transmissions, and light materials.
Another W500 billion will be used to reduce carbon emissions from its own factories. The group expects these efforts will create 1,600 jobs in 2010 and 12,000 in 2012.
In addition, the company decided to increase spending on construction of Hyundai Steel’s integrated mill in Dangjin to W2.23 trillion this year from the planned W2 trillion in order to speed up the project.
