South Korean automaker Hyundai Motor plans to invest 10.5 trillion won ($8.5 billion) this year, as part of its efforts to increase the share of cars.
electric cars from its product portfolio, in light of the increasing demand for cars that are less polluting.
Bloomberg news agency reported today, Thursday, that the South Korean company aims to increase its revenues during the current year by up to 11.5%, after achieving profits that exceeded analysts’ expectations during the fourth quarter of last year.
South Korea’s largest automaker also raised its dividend to shareholders, in an unusual move for the company.
Earlier this month, the company that produces electric cars, Tucson, Sonata Ionic and Elonic, said it aims to sell 4.3 million cars worldwide this year, an increase of 10% from last year.
Kia Corp., a subsidiary of Hyundai Motor Group, also aims to increase its sales during the current year by 10% annually to 3.2 million cars.
It is noteworthy that Hyundai Motor and Kia Corp together occupy the third position as the largest car producer in the world, after Toyota Motor Corp and Volkswagen Group.
At the same time, Hyundai announced on Thursday an increase in cash dividends to shareholders over last year by 3.8% for common stockholders and 7.6% for privileged stockholders, adding that it expects dividends to continue during the current year at the same level as last year or an increase.
The company added that operating profit during the fourth quarter of last year more than doubled to 3.4 trillion won compared to a year earlier.
Analysts had expected a profit of only 3.1 trillion won.-
Quarterly sales value increased 24 percent to 38.5 trillion won.