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Hyundai Mobis to invest 10 pct of core parts sales revenue in R&D by 2021

All Headlines 09:27 July 05, 2018

SEOUL, July 5 (Yonhap) -- Hyundai Mobis Co., South Korea's largest auto parts maker by sales, said Thursday it will invest 10 percent of its core parts sales revenue in research and development (R&D) activities by 2021.

The 10 percent level is up from the current seven percent. The company earns about 10 trillion won (US$8.96 billion) a year from the sale of core components, a company spokesman said.

As Hyundai Motor Group has stepped up efforts to strengthen the model lineups of Hyundai Motor Co. and Kia Motors Corp. with next-generation vehicles, the auto parts affiliate has increased its R&D investments over the past decade.

In the January-May period, Hyundai and Kia sold over 100,000 environmentally friendly vehicles in global markets, up 13 percent from a year earlier. The two carmakers plan to further beef up their eco-friendly model lineups composed of gasoline hybrid, all-electric and hydrogen fuel-cell electric cars, the statement said.

Hyundai Mobis expects sales of core components for those next-generation vehicles to rise further this year. It posted sales of 35 trillion won for all of 2017.

In this undated photo provided by Hyundai Mobis, a worker is in the process of producing a core auto component for environmentally friendly vehicles at the company's plant in Chungju, 150 kilometers south of Seoul. (Yonhap)

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