Hyundai has announced significant investments of $50 billion to maintain its position as the automotive market transitions to electric vehicles. The automaker will hire 80,000 workers in Korea to be able to enter the top 3 electric vehicle manufacturers by 2030.
More than half of the investments ($26 billion) are planned to be allocated to research and development of infrastructure and production of electric vehicles in order to "dominate over key technologies." Around $24 billion will be used for research and development of electric vehicles, SDVs (software-controlled vehicles), and battery technologies.
Hyundai will also use the funds to expand plants producing electric vehicles, IT capabilities, and joint investments in subsidiary companies.
Initially, the company will make "major investments" in a new factory specifically designed for electric vehicle production. In the second quarter, the construction of a Kia electric vehicle plant in Kwangmyeong will be completed. This will enable the launch of sales of the affordable Kia EV3 electric vehicle in Korea and abroad.
In the second half of 2025, the Kia plant in Hwaseong will begin producing custom-made PBV electric vehicles. The new Hyundai plant in Ulsan will start electric vehicle production in the first quarter of 2026, starting with the "super-large" Genesis electric SUV. It is expected that after the plant is operational, it will produce 200,000 electric vehicles per year.
Hyundai is currently the third-largest automaker in the world (including the Kia and Genesis brands). The company aims to be among the top 3 electric vehicle manufacturers by 2030. By that time, Hyundai plans to have 31 electric vehicle models in its portfolio with an annual production capacity of 1.51 million electric vehicles.
Source: electrek
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