Hyundai to invest $73 bn by 2018

SEOUL (AFP) – South Korea’s Hyundai announced Tuesday it plans to invest 80.7 trillion won ($73 billion) by 2018 in bolstering overseas production and developing next-generation cars.

The auto giant said it would over the next four years invest 49.1 trillion won on expanding corporate infrastructure and an additional 31.6 trillion won on research and development.

That means the firm — South Korea’s top carmaker — would spend an average of 20.2 trillion won each year, more than the annual record of 14.9 trillion won last year.

Hyundai, along with its smaller subsidiary Kia, is the world’s fifth-largest automanufacturer.