February 17, 2015 11:59
Hyundai Motor will invest W2 trillion (US$1=W1,102) in the commercial-vehicles business by 2020 with the aim of becoming one of the world's top 10 commercial carmakers.
To that end, Korea's largest automaker will spend W1.6 trillion to boost research and development. It hopes to produce premium commercial vehicles to compete in the European and North American markets.
Another W400 billion will go to increase the production capacity of its commercial vehicle plant in Jeonju, North Jeolla Province, from 65,000 cars to 100,000 by 2020. Hyundai will hire 1,000 more workers at the plant as well.
"We are looking to make inroads into the commercial-vehicle markets in Europe and North America, which are dominated by a few global leaders like Daimler and Volvo," a Hyundai executive said.
Currently, most of the 30,000 commercial vehicles Hyundai exports each year go to emerging markets in Africa and Latin America.
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