SEOUL– Hyundai Mobis Co., the auto parts making unit of Hyundai Motor Group, plans to spend up to 8 trillion won (US$6.72 billion) in the next three years to bolster auto chips, mobility and other areas as its future growth drivers.
The company unveiled the plan in a recent regulatory filing outlining its updated policy to promote shareholder value, which included a plan to maintain the dividend payout ratio of 20-30 percent for the fiscal 2022.
Of the envisioned 8 trillion won plan, it will spend about 3-4 trillion won to boost its competitiveness in semiconductor, software and autonomous driving businesses, as well as new areas, like urban air mobility (UAM) and robotics, Hyundai Mobis said in the filing posted Friday.
The rest of the investment will be used for capital expenditures to ensure stable supply of core parts, including car components for electric vehicles, it said.
Hyundai Mobis will also spend around 330 billion won to buy back its own shares, of which 62.5 billon won of shares will be cancelled, the company said.
Source: Yonhap News Agency