The world’s third largest automaker by volume, Hyundai Motor Group is investing in areas including hydrogen and electric vehicles.

Hyundai Motor Group has announced plans to invest a record 24.3 trillion won ($16.65 billion) in South Korea this year, marking a 19% increase in domestic investment compared to last year. The investment aims to secure future growth for the company despite facing economic and political uncertainties.

HMG, South Korea’s largest automotive group comprising Hyundai Motor and Kia Corporation, made public its investment plans after its executive chairman, Chung Euisun, urged the company’s executives and other staff to “guard against pessimism” amid the country’s current political turmoil and sluggish economic performance.

South Korea's Hyundai Motor Group said on Thursday it planned to boost domestic investment by 19% to a record high of 24.3 trillion won ($16.65 billion) this year to secure future growth even as it grapples with economic and political uncertainties.

South Korea's Hyundai Motor Group said on Thursday it planned to boost domestic investment by 19% to a record 24.3tn won ($16.65bn) this year to ensure growth as it

Hyundai Motor Group announced a plan, Thursday, to invest 24.3 trillion won ($16.67 billion) in Korea this year, in a preemptive move to develop cutting-edge mobility solutions, focusing on electrification,

Hyundai Motor Group, including Hyundai Motor and Kia Corp, plans to invest 24.3 trillion won ($16.65 billion) in South Korea this year, it said in a statement on Thursday. That is a 19% increase from a year ago,