Hyundai has announced a significant investment of $50 billion to maintain its position as the automotive market transitions to electric vehicles. The automaker will hire 80,000 employees in Korea to become one of the top 3 electric car manufacturers by 2030.
More than half of the investment ($26 billion) is planned to be spent on research and development of infrastructure and production of electric vehicles to «dominate the mainstream technology». About $24 billion will be used for research and development of electric vehicles, SDVs (software-driven vehicles) and battery technologies.
Hyundai will also use the funds to expand its EV manufacturing plants, IT capabilities, and joint investments in subsidiaries.
First, the company will make «a major investment» in a new factory specially designed for the production of electric vehicles. In the second quarter, the construction of Kia’s electric vehicle plant in Gwangmyeong will be completed. This will make it possible to launch sales of the affordable Kia EV3 in Korea and abroad.
In the second half of 2025, Kia’s Hwaseong plant will start producing PBV custom electric vehicles. Hyundai’s new Ulsan plant will begin production of electric vehicles in the first quarter of 2026, starting with the «ultra-large» Genesis electric SUV. The plant is expected to produce 200,000 electric vehicles per year after launch.
Hyundai – currently the third largest automaker in the world (including the Kia and Genesis brands). The company aims to become one of the top three electric vehicle manufacturers by 2030. By that time, Hyundai plans to have 31 models of electric vehicles in its portfolio with a domestic production capacity of 1.51 million electric vehicles per year.
Source: electrek