Hyundai Motor Group announced its intention to invest 68 trillion won (approximately $50.6 billion) in a bold strategic move aimed at fortifying its position in the electric vehicle (EV) market by 2026.
Hyundai Motor is also aiming to recruit 80,000 employees in South Korea by 2026.
The conglomerate, inclusive of affiliate Kia Corp., outlined its vision to ramp up the annual production of EVs in South Korea to 1.51 million units by the year 2030.
Last year, Hyundai Motor Group’s investment in the region amounted to 17.5 trillion won, underscoring a significant escalation in its commitment to fostering technological advancements and innovation within the EV business.
A notable portion of the proposed investment, approximately 31.1 trillion won, is earmarked for research and development initiatives, reflecting the group’s steadfast dedication to pioneering cutting-edge technologies and enhancing its EV portfolio.
Hyundai intends to broaden its EV lineup to encompass 31 distinct models by the end of the decade, signaling its ambition to cater to diverse consumer preferences and emerging market trends.
Moreover, Hyundai Motor Group is poised to spearhead the creation of a forward-looking mobility ecosystem underpinned by software-defined vehicles and artificial intelligence, underscoring its proactive approach towards embracing disruptive technological paradigms and fostering sustainable mobility solutions.
With this transformative investment plan, Hyundai Motor Group aims to assert its leadership in the global EV landscape while solidifying its reputation as a trailblazer in driving innovation and shaping the future of mobility.