Hyundai Motor Company plans to invest $51 billion as part of its new roadmap involving a major move into smart mobility.
Under the new Strategy 2025 roadmap, Hyundai is creating two core business pillars, Smart Mobility Device and Smart Mobility Service to transform the automaker into a “smart mobility solution provider.”
The Smart Mobility Device unit will include a range of product groups beyond cars, such as Personal Air Vehicle (PAV), robotics, autonomous driving and last-mile mobility, according to the company.
Hyundai plans to combine the PAV unit and mobility services to develop an Urban Air Mobility (UAM) platform business.
Smart Mobility Service is a new business for Hyundai that plans to create personalized services and content on an integrated platform.
“The two pillars sit atop three key directions that the company has defined: enhancing profitability in internal combustion engine vehicles, securing leadership in vehicle electrification and laying the groundwork for platform-based businesses,” states Hyundai.
The company intends to sell 670,000 electric vehicles a year and become one of the top three manufacturers of battery and fuel cell electric vehicles by 2025.
The Hyundai announcement says the company will build an integrated mobility platform to analyze data from vehicles via car connectivity. With a better understanding of customers, the company expects to offer services tailored to their needs, including “shopping, delivery, streaming and multi-modal mobility services.”
The $51 billion investment is targeted to research and development and exploration of future technologies.