Hyundai Motor Group has announced plans to invest a record 24-point-three trillion won, or 16-point-four billion U.S. dollars, in South Korea this year. 

That’s an increase of three-point-nine trillion won, or 19 percent, from last year’s figure. 

The Korean automaker revealed its plans Thursday, saying eleven-point-five trillion won will go to research and development(R&D), while 12 trillion won is allocated for ongoing investments and 800 billion won for strategic investments. 

The R&D investment will be used to enhance product competitiveness, accelerate electrification, and develop software-defined vehicles and hydrogen vehicles.

Ongoing investments will be allocated for electric vehicle conversions, the expansion of production facilities, the innovation of manufacturing technology, and the company’s customer experience infrastructure. 

Strategic investments will be made to enhance the competitiveness of key future business areas such as autonomous driving, software and artificial intelligence.