South Korea’s Hyundai Motor Group—led by billionaire Euisun Chung—announced on Tuesday that the conglomerate will invest $18 billion into its domestic electric vehicle (EV) manufacturing business amid the country’s efforts to lead global EV production.
The conglomerate—which includes Hyundai Motor, sister company Kia and auto-parts affiliate Hyundai Mobis—plans to become one of the world’s top three EV makers by 2030, expanding its domestic EV production to 1.51 million units and global production to 3.64 million units. By that year, Hyundai says its total lineup will include 31 EV models, including those from its sibling brands Kia and Genesis.
The investment by Hyundai, which was overtaken by billionaire Chey Tae-won’s SK Group as the second-largest corporate group in South Korea by asset size last year, will go towards research and development for “next-generation” EVs, including new product lineups, core parts and research facilities. To speed up product development, the automaker plans to unveil a manufacturing platform for each vehicle class, with one for passenger EVs to roll out in 2025.
Last year, Hyundai earmarked $16 billion for its EV manufacturing, and in 2021, announced it would invest $7.4 billion for its expansion into the U.S. by 2025.
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