Korean auto major Hyundai Motor has disclosed plans to build a dedicated electric vehicle platform to launch its upcoming range of electric vehiclesby 2020, says media reports .

This new platform is a part of company’s planned $40 billion investment into innovation, new models and technologies for electrified and autonomous vehicles as well as transportation services. The average annual spending will be 58 percent more than over the past five years, Hyundai said in a statement.

The huge investment coupled with all-electric platform will play a crucial role in realising Hyundai’s future target – introducing 44 electrified models by 2025, with sales projected to touch a total of 1.67 million mark annually. With this bulk launch the Korean carmaker intends to be “one of the world’s top three EV manufacturers” by 2025.

The company has not mentioned any specifics about its future electric fleet however, back in 2016 it stated that it was aiming for electric cars with 250 miles of range by 2020. Currently, Hyundai Kona Electric is already running with an EPA range rating of 258 miles.

In addition, it also plans to boost the core automotive businesses’ operating profit margin to 7 per cent by 2022, compared with 2.1 percent in 2018, as part of its mid- to long-term plan.

According to a Bloomberg, due to technology shifts such as the rising popularity of ride-hailing services that are making vehicle ownership less necessary, the company faced cooling demand in some major markets such as China, Europe and the U.S. Hyundai Motor, however, quoted saying it wants to lead “the paradigm change facing the automotive industry.”

Besides major investment in electrification, the company will also explore autonomy and plans to launch an “autonomous robot taxi” fleet in South Korea on a trial basis by 2021. For this venture, the company is ready for partnering with other companies have “state-of-the-art competitiveness” in the autonomous and connected-car space, a CNET report said