South Korean auto maker Hyundai Motor is planning to invest around $73bn over the next four years to develop new vehicles, expand its production capacity and build a new headquarters.
The auto maker will be focusing upon South Korea with three-quarters of the investment dedicated to the country to boost its local economy.
Hyundai is also planning to invest 31.6 trillion won ($28bn) on research and development and 49.1 trillion won ($36bn) on capital investment, reported Reuters.
The announcement came at a time, when South Korean President Park Geun-hye is encouraging companies with large cash reserves to spend more on employment and dividend payments and investments, the agency added.
The group is planning to spend more on self-driving cars and eco-friendly vehicles over the next four years.
Yonhap News Agency cited Hyundai Motor as saying: "We will make an unprecedented amount of investment by 2018 to lay the groundwork for us to become a global leader in all aspects, including production capacity, quality competitiveness, technology power in core fields and brand value.
"In particular, we will focus our investment here in Korea in a bid to help bring about (local) economic effect, create jobs and contribute to stimulating the national economy."
