Hyundai to Invest $24 Billion to Accelerate EV Shift

Hyundai Motor Group is committing to investing 24 trillion won (CAD $24.4 billion) by 2030 in ramping up electric vehicle (EV) production, amid growing pressure on the automotive industry to shift towards EVs. The investment will be used to increase EV output in Korea to 1.51 million units annually by the end of the decade, pushing the automaker’s global EV volume to 3.64 million during the same timeframe.

With this investment, Hyundai aims to become one of the world’s top three EV producers, with a long-term goal of producing 31 fully electric models by 2030.

Hyundai is one of several global automakers with a current and future portfolio of compelling electric cars, and the investment will help it address the concern of limited availability of EVs. While many carmakers are bringing electric vehicles to market, they’re not always readily available, and many are only prominent in select areas. By producing 3.64 million EVs by 2030, Hyundai could eventually lay claim to around 40% of all EVs produced globally. (via Automotive News)

Hyundai’s subsidiary, Kia, is also making strides in the EV market. Kia is opening a new factory south of Seoul that will produce purpose-built EVs, and plans to bring the EV9 fully electric three-row SUV to market soon. Meanwhile, Hyundai has just launched the Ioniq 6 and will introduce the Ioniq 7 to market in 2024. Hyundai Motor Group’s new announcement further substantiates its previously released plans to offer 17 EVs from Hyundai and Genesis, along with 14 from Kia by 2030.

Hyundai’s move towards EVs is part of a growing trend in the automotive industry. US legacy brands such as Ford and General Motors are competing to overtake Tesla as the world’s EV leader, and other global automakers such as Volkswagen are also making notable efforts to become major players in the EV market. Hyundai’s investment in EVs shows a commitment to staying ahead of the curve in the rapidly evolving automotive industry, and a belief that EVs will play a significant role in the future of transportation.

Hyundai is building a $5.5 billion EV plant in Georgia

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