Hyundai Motor Group Plans $18.2 Billion Investment to Ramp Up EV Production
Hyundai Motor Group recently announced its plan to invest 24 trillion won, equivalent to $18.2 billion, between now and 2030 to increase its electric vehicle (EV) production. The investment involves the Hyundai, Kia, and Genesis brands and aims to address the lack of availability, one of the biggest concerns for EVs.
The global automotive industry is shifting towards EVs, and Hyundai is determined to keep up with the trend. As part of its long-term goal to become one of the world’s top three EV producers, Hyundai plans to increase its yearly EV output in Korea to 1.51 million units by the end of the decade. The company hopes to push its global EV volume to 3.64 million during the same time frame, which could account for about 40% of all EVs produced globally.
Hyundai has already established itself as a leader in the EV market, along with a few other global automakers, such as Volkswagen. For perspective, Tesla produced just shy of 1.4 million EVs in 2022, and BYD produced over 900,000 fully electric cars in the same year.
Hyundai Motor Group plans to offer 31 fully electric models by 2030. Kia, one of its subsidiaries, will be opening a new factory in South Korea to produce purpose-built EVs. The company is planning to release the fully electric three-row SUV, EV9, soon.
Hyundai, on the other hand, has already launched the Ioniq 6 and plans to bring the Ioniq 7 to market in 2024. These cars represent a significant milestone in Hyundai’s EV portfolio, with innovative features and impressive performance.
In conclusion, Hyundai Motor Group’s massive investment will enable the company to accelerate its EV production and contribute to a more sustainable future. The company’s ambitious plan to become one of the world’s top three EV producers by 2030 is a testament to its commitment to innovation and progress. With new models and technologies on the horizon, Hyundai is poised to make a significant impact in the EV market in the coming years.
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