Hyundai Heavy Industries (HHI) Group has announced it will invest US$3.1 billion in research and development by 2021 as it marks its first day as four independent companies: Hyundai Heavy Industries; Hyundai Electric and Energy Systems; Hyundai Construction Equipment; and Hyundai Robotics.
Along with the investment announcement, HHI also unveiled a "Technology and Quality-Centered Management Strategy", involving an investment of US$1.8 billion in developing eco-friendly and smart ships, enhancing offshore engineering capability, and establishing a "smart" shipyard.
Hyundai Electric and Energy Systems (HEES) and Hyundai Robotics (HR) will also make investments of of $640 million and $90 million respectively for technological innovation respectively. In the longer-term, HHI Group plans to spend six to seven per cent of annual sales in R&D.
To improve its products and services, HHI will set up a database of lessons learned by accumulating engineering failure cases while HEES, HCE, and HR will further accelerate technological development. Moreover, the four companies will appoint chief technology officers in charge of driving product development, drafting technology strategy, and expand the numbers of researchers it employs to 10,000 from the current 4,000.