February 27, 2019 / 7:08 AM / 2 months ago

Hyundai Motor says to lift auto operating margin to 7 percent by 2022

The logo of Hyundai Motor is seen during the 2017 Seoul Motor Show in Goyang, South Korea, March 31, 2017. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - Hyundai Motor Co said on Wednesday it plans to boost the core automotive businesses’ operating profit margin to 7 percent by 2022, compared with 2.1 percent in 2018, as part of its mid- to long-term plan.

The automaker said it also plans to invest 45.3 trillion won ($40.48 billion) over the next five years in research and development, capital expenditure and future growth areas such as autonomous driving technologies, vehicle electrification and mobility services.

Reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman

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