Hyundai, which has already enjoyed great success in the UK since the implementation of the scrappage scheme, has now announced plans to invest W9.3trillion this year with W4.1trillion to go towards green growth projects.
The Korean car manufacturer will expand investment into research and development with facilities to establish a mass production system for green cars in 2012. It has also outlined the aim to become one of the top four green car companies in the world.
It will pour W2.2trillion into the development of eco-friendly cars, which will include both hybrid and hydrogen fuel cell vehicles; and it will invest W1.4trillion into the development of fuel efficient engines, light materials and transmissions.
A further W500billion is expected to go towards reducing carbon emissions at its own factories, with the efforts expected to create around 12,000 jobs by 2012.
In addition, the company will spend W2.23trillion on construction of Hyundai Steel’s integrated mill in Dangjin.
