Hyundai Motor Group is moving to create a new research hub after acquiring a site tied to a mixed-use development project near Bokjeong Station in Seoul’s Songpa district. The group is expected to relocate existing research staff from its Namyang Research Center to the new hub once it is built.
Hyundai Motor, Kia, Hyundai Mobis, Hyundai Steel and Hyundai Rotem said in regulatory filings on Thursday that they will acquire equity securities in a new corporation tentatively named HMG Future Complex, which will operate a real estate leasing business. The filings said the affiliates will make new capital contributions to secure a combined research and office base for the group’s future businesses.
The total contribution will be 7.3281 trillion won. By company, Hyundai Motor will invest 2.8886 trillion won for 2,888,550 shares; Kia 2.3635 trillion won for 2,363,450 shares; Hyundai Mobis 1.0988 trillion won for 1,098,800 shares; Hyundai Steel 516.4 billion won for 516,400 shares; and Hyundai Rotem 460.8 billion won for 460,800 shares.
Hyundai Motor Group said total investment will reach 8 trillion won when additional affiliate stakes to be invested later are included. The facility will be used as a research hub focused on artificial intelligence and software. Construction is scheduled to begin in the first half of this year, with completion planned for the end of 2030.
The group said it decided on the project after weighing rising demand for office space due to business expansion and organizational upgrades, aging and overcrowded existing research facilities, instability in leased offices for affiliates, and inefficiencies from having operations spread across multiple sites.
* This article has been translated by AI.
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