Hyundai Motor Co, a prominent South Korean automaker, revealed its ambitious investment plan totaling approximately 109.4 trillion won ($85.41 billion) until 2032. A significant portion of this investment, around 35.8 trillion won, will be dedicated to the development of electric vehicles (EVs).
As one of the top 10 automakers globally in terms of sales, Hyundai Motor, along with its affiliate Kia Corp, outlined its strategy during the company’s investor day. The plan includes a focus on increasing local production of EVs in the United States, its largest market, from the current 0.7% to an impressive 75% by 2030.
Hyundai Motor aims to achieve an annual sales target of 2 million EV units by 2030. Additionally, the company has set a goal of attaining a profitability rate exceeding 10% for EVs by the same year.
(Note: Conversion rate: $1 = 1,280.8200 won)