Hyundai Motor Group, on Thursday said that it would boost spending on research and development by almost 11 percent to $4.41 billion next year.
Out of the 5.1 trillion won ($4.41 billion), 4.6 trillion won has been earmarked for the development of environmentally-friendly and fuel-efficient vehicles, South Korea’s No.2 conglomerate said in a statement.
In addition, the company will invest $7.2 billion in its facilities.
Its investment in the R&D sector will mostly be focused on development of futuristic cars, such as Eco-friendly hybrids and electric vehicles. The company plans to create about 7,500 jobs next year.
It will hire 6,500 employees and select 1,000 internship workers among college students.
The announcement comes shortly after the company said it will establish an automotive research institute at the Seoul campus of Hanyang University.
By offering students and researchers high-end facilities, the two sides hope to foster specialists to take on core automobile technologies.
Hyundai Motor Group plans to actively invest in the institute under its business policy to expand industry-academy cooperation.
In the United States, it is expected that Hyundai and Kia will sell 39.9% more cars in December than in the same month last year.