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.

HMG, South Korea’s largest automotive group comprising Hyundai Motor and Kia Corporation, made public its investment plans after its executive chairman, Chung Euisun, urged the company’s executives and other staff to “guard against pessimism” amid the country’s current political turmoil and sluggish economic performance.

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 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.