South Korea's Hyundai Motor Group said on Thursday it planned to boost domestic investment by 19% to a record high of 24.3 trillion won ($16.65 billion) this year to secure future growth even as it grapples with economic and political uncertainties.

Hyundai Motor Group (HMG) announced this week it is lifting its planned investments in South Korea by 19% to KRW24.3trn (US$16.6bn) in 2025, the largest annual increase ever in its home base, as it looks to step up new technology development and manufacturing to meet the challenges of a rapidly evolving global automotive market.

Hyundai Motor Group announced a plan, Thursday, to invest 24.3 trillion won ($16.67 billion) in Korea this year, in a preemptive move to develop cutting-edge mobility solutions, focusing on electrification,

South Korea's Hyundai Motor Group said on Thursday it planned to boost domestic investment by 19% to a record high of 24.3 trillion won ($16.65 billion) this year to secure future growth even as it grapples with economic and political uncertainties.

Hyundai Motor Group, including Hyundai Motor and Kia Corp, plans to invest 24.3 trillion won ($16.65 billion) in South Korea this year, it said in a statement on Thursday. That is a 19% increase from a year ago,

Hyundai Motor Group will invest an all-time high of 24.3 trillion won ($16.4 billion) in Korea in 2025, with almost half of them for research and development (R&D) to boost the domestic mobility environment.