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Hyundai Mobis Company will invest 1 trillion won more on research and development in 2020 to boost future revenues.
The South Korean auto parts manufacturer will undertake 2,000 R&D projects involving next-generation technologies, including autonomous vehicles, which is perceived as a driver of future growth.
Other key areas of R&D investment are powertrain electrification and environmentally-friendly solutions.
Earlier expansion plans were to boost the capacity to manufacture electric parts and to develop future vehicle technologies.
Hyundai Mobis also plans to increase its workforce to 5,000.
Overall, capital expenditure is expected to increase from 1.3 trillion won last year to 1.5 trillion won this year.
Hyundai Mobis is the largest component manufacturer in South Korea, with a turnover of 38,049 billion won mainly from sales of body and chassis systems to Kia and Hyundai.
