South Korean Automobile giant, Hyundai Motors, earlier today, laid down its plan to invest over $51 billion to develop electric vehicles.
The automaker released its “Strategy 2025” in which it laid down a detailed plan to build and develop electric and autonomous vehicles for the future.
The share price of the company went up by 2%, however, at the end of the trading day, it lost most of its gains.
According to the company, shifting toward autonomous and electric vehicles is key for future growth and survival in the automobile industry.
According to Euisun Chung, the vice-chairman of the South Korean company, the company is looking to develop flying cars for the future.
Tesla is leading the way when it comes to electric and autonomous vehicles and Hyundai wants to amoung the top automakers in the segment by 2025.
The automaker also stated that the electric car production would bring its material cost down by 34.5 trillion won by 2022.