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Automobiles

Hyundai boosts investment in next-gen vehicles by 40%

$14bn earmarked for development of electric and fuel cell cars through 2025

Hyundai Motor CEO Lee Won-hee stressed the automaker's shift toward electric vehicles at the annual investor day event on Dec. 10.

SEOUL -- Hyundai Motor will increase spending by 40% on the development of electric and fuel cell vehicles over the next five years, the South Korean automaker said Thursday, updating a road map for its future businesses announced last year.

The company now plans to spend 14.9 trillion won ($13.7 billion) on electrification and hydrogen technologies, CEO Lee Won-hee said at an annual investor day event.

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