Hyundai Motor Group's spending on research and development increased 8 percent in 2016 to some 4 trillion won ($3.58 billion), with the number of its patents exceeding 30,000 last year, data showed Sunday.
According to annual business reports from Hyundai Motor Co. and Kia Motors Corp., their combined R&D spending reached 3.99 trillion won last year, up 8.2 percent from a year earlier.
(Yonhap)
The R&D spending growth is faster than its sales growth of 3.5 percent posted last year. Hyundai spent 2.7 percent of its sales on R&D expenditures last year, up 0.1 percentage point from 2015, the data showed.
As of end-2016, Hyundai Motor held 23,744 patents, with the comparable figure for Kia Motors being 6,689.
Hyundai Motor's patents center around engine, transmission and other-related technologies. Hyundai Motor also stressed that it is focusing on expanding its presence in fuel cell and electric vehicle-related patents.
(Yonhap)