Hyundai unveils a plan to invest $50 billion in developing electric cars

2024-03-27 12:54:49
On Wednesday, Hyundai revealed a plan to invest more than $50 billion in South Korea by 2026, most of which will be spent on encouraging the development and production of electric cars.
Hyundai, along with its subsidiary Kia, occupies third place on the list of the world’s largest automakers in terms of sales, but the South Korean giant lags behind in the electric car sector, which is dominated by the Chinese company BYD.
Hyundai, which seeks to occupy one of the top three positions in the world in the field of electric cars, announced last year its goal to increase its annual production in this sector to more than 3.6 million units by 2030.
Through this new investment of 68 trillion won ($50.5 billion), Hyundai Motors Group says it wants to “secure future growth engines in an uncertain business environment through a policy of continuous development and innovation.”
Under the plan, Hyundai will create 80,000 jobs in South Korea and build three new electric vehicle factories, which is expected to increase the country’s annual production of electric vehicles to 1.51 million units by 2030.

Electric vehicle strategy

The group’s electric vehicle strategy also includes investments in infrastructure, software, battery technology and autonomous driving.
According to a report issued by Greenpeace in November, Hyundai’s increasing sales of fuel-guzzling SUVs have wiped out any climate gains resulting from its transition to electric vehicles.
This document also indicates that Hyundai-Kia recorded an increase in sales of SUVs by more than 150% over the past decade.
The NGO said that SUVs emit 12% more carbon dioxide than sedans, and urged Hyundai to reduce sales of SUVs.
In response to a question regarding the report, Hyundai said it was working to expand its fleet of “all-electric SUVs,” including Kia’s EV6 and EV9 models. (AFP)

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