Hyundai Motor Group announced plans to invest 68 trillion won ($51 billion) over three years in South Korea to increase production of electric vehicles and develop new mobility businesses.
More than half of the investment will be allocated to research and development of new infrastructure and assembly lines for electric vehicles. Hyundai also confirmed its plans to build an electric vehicle manufacturing plant in Georgia, US, with its largest investment outside of South Korea.
While some automakers are slowing down their expansion of electric vehicle production, Hyundai is resolutely continuing its efforts in this direction, although it acknowledges the slowdown in the pace of electrification. However, the company says it sees electric vehicles as a key source of long-term growth.
The new investment plan also includes upgrading Kia’s compact electric vehicle plant and launching production of dedicated electric vehicles. Hyundai is also planning significant investments in electric vehicle research and development, including battery technology and software.
2024-03-29 01:54:00
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