Hyundai Motor Group has committed to investing 24 trillion won ($18.2 billion) by 2030 to accelerate its transition to electric vehicles (EVs), as the automotive industry increasingly shifts towards zero-emission cars. Hyundai, along with its subsidiaries Kia and Genesis, is already among the leading global automakers with a strong lineup of EVs.
The investment will be used to ramp up EV production to address the issue of limited availability, with many carmakers struggling to meet demand. Hyundai aims to become one of the top three EV producers globally, alongside Tesla, Ford, and General Motors, and plans to increase its yearly EV output in Korea to 1.51 million units by 2030.
Hyundai’s long-term goal is to produce 31 fully electric models by 2030, with Kia opening a new factory in South Korea to produce purpose-built EVs. The company also plans to launch the Ioniq 7 in 2024 and Kia’s fully electric three-row SUV, the EV9, soon.
With this investment, Hyundai hopes to eventually claim 40% of the global EV market, a significant increase from its current position. While Tesla produced just under 1.4 million EVs in 2022, and BYD produced over 900,000 fully electric cars, Hyundai’s ambitious plan demonstrates its commitment to being a major player in the EV industry.