Hyundai Motor Co, one of the leading global automakers, plans to invest a staggering 109.4 trillion won ($85.41 billion) between now and 2032. This significant investment will primarily focus on advancing the development and production of electric vehicles (EVs). Out of the total investment, approximately 35.8 trillion won will be allocated specifically for EV-related initiatives.
During the company’s investor day, Hyundai Motor expressed its commitment to enhancing the localization of EV manufacturing in its largest market, the United States. Presently, only 0.7% of EV production takes place in the US, but the company aims to substantially increase this figure to 75% by the year 2030.
Hyundai Motor’s ambitious targets extend beyond manufacturing, with the company setting its sights on selling 2 million EV units annually by 2030. To achieve this goal, the automaker plans to develop an extensive and diverse lineup of electric vehicles to cater to a wide range of consumer preferences.
Furthermore, Hyundai Motor aims to achieve a remarkable profitability rate of over 10% for its EVs by 2030, signaling the company’s dedication to not only advancing sustainable mobility but also ensuring a financially viable business model.
The South Korean automaker’s investment plans underscore its commitment to transitioning to a more electric-centric future and capitalizing on the growing demand for environmentally friendly vehicles. By significantly increasing its investment in EVs and expanding its manufacturing capabilities, Hyundai Motor is poised to play a pivotal role in the global shift toward sustainable transportation.