Hyundai Motor Group, the country’s largest automaker, has unveiled a large-scale investment and employment plan to enhance its competitiveness in the global market.  

Hyundai said on Wednesday that it will invest 68 trillion won, or around 51 billion U.S. dollars, and hire 80-thousand people in South Korea by 2026, expecting the investment plan will create more than 198-thousand jobs. 

Announcing the unusual long-term investment and employment plan, the automaker said that the plan is part of efforts to secure future growth engines through constant change and innovation in the era of the “big blur,” where boundaries between industries are fading. 

Hyundai Motor plans to hire 44-thousand people in new industries such as software-defined vehicles, 23-thousand in new car development and global projects and 13-thousand senior workers. 

It will also invest 68 trillion won in South Korea by 2026, with an annual average of 22-point-seven trillion won, which is up 30 percent from the 17-point-five trillion won invested in 2023. 

More than half of the investment, or 35-point-three trillion won, will be allocated for new research and development infrastructure and assembly lines for electric vehicles, while 31-point-one trillion won will go to research and development.