11:24 - 9.01.2025

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January 9, Fineko/abc.az. Shares of Hyundai Motor Corp jumped after the South Korean auto giant announced an investment plan worth 24.3 trillion wons ($16.65 billion) in the country this year.

ABC.AZ reports that this was the company's largest annual investment in the country and a significant increase in its budget last year in the amount of 20.4 trillion wons.

Almost half of the investment will be directed for research and development of next-generation products, while the remaining amount will be used for investment purposes such as upgrading production lines and strategic investments such as autonomous driving.

Hyundai Motor Group, which includes Hyundai Motor and its subsidiary Kia Corp, ranks third in the world in terms of sales among automakers, behind Toyota Motor and Volkswagen.

Hyundai Motor and Kia shares jumped 2.8% and 3.8%, respectively, while the broader Kospi index remained flat, according to LSEG.