As the automotive industry prepares for a major transition to electric vehicles, Hyundai is taking a bold step to stay ahead of the curve. The South Korean automaker recently announced significant investments in electric cars, committing to spend nearly $30 billion on research and development, as well as investments in production facilities and infrastructure. With this move, Hyundai is clearly signaling its determination to win the race for dominance in the electric vehicle market. In this article, we’ll take a closer look at what this commitment means for the company, the industry, and drivers around the world.
Hyundai has made a commitment to invest approximately NZ$29.2 billion by 2030 in order to increase the production of electric vehicles. The group aims to become one of the world’s top three EV makers and plans to raise its annual output of electric cars to 1.51 million units in Korea by the end of the decade, accounting for roughly 40% of the estimated global EV production of 3.64 million, according to a statement issued via email. Hyundai Motor Group includes Hyundai Motor Co., Kia Corp., Genesis brand, and Hyundai Mobis Co. By 2030, the company expects to have 31 EV models encompassing its suite of brands while Kia will construct a new facility to manufacture electric purpose-built vehicles in Hwaseong city south of Seoul. During the groundbreaking ceremony, South Korean President Yoon Suk Yeol was in attendance.
As Hyundai commits to nearly $30 billion spend in their shift to electric cars, it’s clear that they have an ambitious vision for the future. With their plans to release 23 new electric models by 2025, they are determined to play a leading role in the transition to a more sustainable future. This commitment not only brings about exciting advancements in technology and design but also highlights the importance of making environmentally conscious decisions in the automotive industry. It’s reassuring to see such a significant investment being made in the fight against climate change, and we can only hope that other car manufacturers follow Hyundai’s lead in embracing the change. The road ahead may still have some bumps and curves, but one thing is for sure- we are in for an electrifying ride.
