Hyundai to spend $6.72 bn to bolster auto chips, mobility

Hyundai Mobis, the auto parts making unit of Hyundai Motor Group, plans to spend up to $6.72 billion in the next three years to bolster auto chips, mobility and other areas.
Hyundai and car technology
Of the envisioned eight trillion won plan, Hyundai Mobis will spend about 3-4 trillion won to boost its competitiveness in semiconductor, software and autonomous driving businesses, as well as new areas, like urban air mobility (UAM) and robotics.

The rest of the investment will be used for capital expenditures to ensure stable supply of core parts, including car components for electric vehicles.

Hyundai recently announced its sales fell 12 percent last month from a year earlier amid global chip shortages.

Hyundai Motor sold 282,204 vehicles in January, down from 321,068 units a year earlier.

Sales in South Korea declined 22 percent to 46,205 units from 59,501 during the period, as the lack of semiconductor parts affected vehicle production and sales.

Hyundai said overseas sales dropped 9.8 percent to 235,999, from 261,567 amid the extended Covid-19 pandemic.

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