(Bloomberg) -- Hyundai Motor Co. will spend 20 trillion won ($17 billion) over the next six years on new technology in a bid to transform itself into a producer of electric and autonomous cars.

Announcing its strategic plan to 2025, the South Korean company pledged to spend almost half the new money on electrification. Autonomous driving will soak up 1.6 trillion won of the total, Hyundai said.

The new investment forms part of a surge in spending at the company, which like carmakers worldwide faces an expensive new era of lower-emissions, battery-powered vehicles. Rivals such as Volkswagen AG have also pledged tens of billions of dollars in investments in electrification.

Carmakers Shedding 80,000 Jobs as Electric Era Upends Industry

If successful, the plan should create a more profitable business with a global market share of 5% in 2025, up from 4% in 2018, the company said.

Hyundai Earnings Fall Short on Weak China Sales, Legal Costs (1)

Shares of Hyundai rose 2.1% at 10:40 a.m. in Seoul.

To contact the reporter on this story: Angus Whitley in Sydney at awhitley1@bloomberg.net

To contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Ville Heiskanen

©2019 Bloomberg L.P.