(MENAFN) South Korea's Hyundai Motor Co plans to spend around USD1.8 billion by 2020 on a major offensive in commercial vehicles, including entering the race in the US, Oman Observer reported.
Hyundai, the world's No 5 automaker, has targeted a market it sees growing almost 30 percent in each of the next five years, but where its share ex-China is a paltry 2.1 percent.
Hyundai said it will invest USD363.13 million to raise production of vans, trucks and buses in Korea by 2020, and that it has allocated USD1.44 billion for research and development in such vehicles.
"Hyundai and Kia need to bolster their weak commercial vehicle business to reach an annual production capacity of 10 million vehicles, from about 8 million currently," analysts at Korea Investment & Securities said.
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