Hyundai Mobis will invest more than $6.7 billion to promote the development of automotive chips.

Hyundai Mobis, a subsidiary of Hyundai Motor, plans to spend up to 8 trillion won ($6.72 billion) over the next three years to promote the development of automotive chips, mobility and other areas as a driving force for the company's future growth, Yonhap news agency reported.

It is said that Hyundai Mobis disclosed the plan in a recent document, specifically, in the envisaged 8 trillion won plan, it will spend about 30,000 to 4 trillion won to improve its semiconductor, software and self-driving business. as well as competitiveness in new areas such as urban air traffic and robots.

The rest of the investment will be spent on capital expenditure to ensure a stable supply of core components, including auto parts for electric vehicles.

In addition, Hyundai Mobis will spend about 330 billion won to buy back its own shares.