Hyundai, Kia to invest $12.2 billion in 2012, expects sales to hit 7 million vehicles

Hyundai Motor Group, which consists of the Hyundai and Kia brands, has plans to invest a total of $12.2 billion research and development and facilities in 2012. The investment is a 15.6 percent increase from 2011.

$4.4 billion of the investment will go into r&d efforts to “accelerate the development of eco-friendly and fuel-efficient vehicles,” Hyundai said. $7.9 billion is earmarked for new facilities. $2.6 billion of the $7.9 billion will be used to upgrade and construct facilities in South Korea and overseas locations.

Hyundai and Kia both reported record sales in the United States in 2011.

The group aims to sell about 7 million vehicles globally in 2012, as compared to 6.5 million in 2011.

– By: Omar Rana

Source: AutoNews