Hyundai to invest $3.3 billion on green projects

Hyundai Genesis

Hyundai announced earlier this week that it will invest $3.3 billion in green projects to better meet the government’s stricter fuel-economy figures and emission requirements. The Hyundai Group, which consists of Hyundai Motor Corp and Kia Motors Corp, said the 4.1 trillion won will go towards the development of environmentally friendly vehicles and to reduce its fleet carbon dioxide emissions by 2013.

2.2 trillion won of the total will go into the development of hybrid vehicles and 1.4 trillion won will go into improving the fuel-efficiency of other vehicles. The rest will go into making its facilities more ‘greener.’

Hyundai joins Samsung Electronics who plans to invest 5.4 trillion won in green research and development and facilities.

Over the next five years, South Korea plans to invest 107 trillion won, or 2 percent of its annual gross domestic product, in environment-related sectors.

– By: Omar Rana

Source: Reuters