Hyundai Mobis plans $6.72 bn investment in auto chips, robotics
Technology

Hyundai Mobis plans $6.72 bn investment in auto chips, robotics

The auto parts manufacturing unit of Hyundai Motor Group, Hyundai Mobis, plans to spend around $6.72 billion in the next three years to support auto chips, mobility and other areas of future growth.

The company unveiled its plan highlighting its updated policy to promote shareholder value, including a plan to maintain the dividend payout ratio of 20-30% for FY22.

The company told the media that from its eight trillion won plan, it would spend $3-4 trillion won to boost its competitiveness in semiconductor, software and autonomous driving businesses and other areas such as urban air mobility (UAM) and robotics.

Hyundai Mobis said the remaining investment is to be utilised in capital expenditures (capex) to ensure a stable supply of core parts, including car components for electric vehicles (EVs).

The company will also spend around $330 billion to buy back its shares, from which $62.5 billion of shares will be cancelled.

Recently, Hyundai announced its sales dropped by 12% in January, compared to the same period last year amid global chip shortages.

Hyundai Motor had sold 2,82,204 vehicles in January, down from 3,21,068 units a year ago.

According to a statement, its sales in South Korea dropped by 22% to 46,205 units from 59,501 during the period, as the lack of semiconductor chips continued to affect vehicles production and sales.

Moreover, its overseas sales dropped by 9.8% to 2,35,999 from 2,61,567 amid the Covid-19 pandemic.

Image Source

Also read: Hyundai launches three special attachments with the launch of HX380L

The auto parts manufacturing unit of Hyundai Motor Group, Hyundai Mobis, plans to spend around $6.72 billion in the next three years to support auto chips, mobility and other areas of future growth. The company unveiled its plan highlighting its updated policy to promote shareholder value, including a plan to maintain the dividend payout ratio of 20-30% for FY22. The company told the media that from its eight trillion won plan, it would spend $3-4 trillion won to boost its competitiveness in semiconductor, software and autonomous driving businesses and other areas such as urban air mobility (UAM) and robotics. Hyundai Mobis said the remaining investment is to be utilised in capital expenditures (capex) to ensure a stable supply of core parts, including car components for electric vehicles (EVs). The company will also spend around $330 billion to buy back its shares, from which $62.5 billion of shares will be cancelled. Recently, Hyundai announced its sales dropped by 12% in January, compared to the same period last year amid global chip shortages. Hyundai Motor had sold 2,82,204 vehicles in January, down from 3,21,068 units a year ago. According to a statement, its sales in South Korea dropped by 22% to 46,205 units from 59,501 during the period, as the lack of semiconductor chips continued to affect vehicles production and sales. Moreover, its overseas sales dropped by 9.8% to 2,35,999 from 2,61,567 amid the Covid-19 pandemic. Image Source Also read: Hyundai launches three special attachments with the launch of HX380L

Next Story
Equipment

Better Concrete Handling

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select WellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Dharavi Rising!

Dharavi, Asia’s largest informal settlement, stands on the cusp of a historic transformation. With an ambitious urban renewal project finally taking shape, millions of residents are looking ahead with hope. But delivering a project of this scale brings immense challenges – from land acquisition to rehabilitate ineligible residents outside Dharavi and rehabilitation to infrastructure development. It also requires balancing commercial goals with deep-rooted social impact. At the helm is SVR Srinivas, IAS, CEO & Officer on Special Duty, Dharavi Redevelopment Project (DRP), Government..

Next Story
Infrastructure Urban

Patel Engineering Secures Two Projects Worth Rs 20.37 Billion

Patel Engineering Ltd has secured two important infrastructure projects valued at Rs 20.37 billion. The company received an order from the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) for dam construction and associated works in Maharashtra. The project will be executed over a period of 42 months. Another project, awarded by the North Eastern Electric Power Corporation Ltd (NEEPCO), involves the development of a 240 MW hydropower project in Arunachal Pradesh. The project scope includes civil construction, testing, commissioning, and installation of hydro-mechanical e..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?