Hyundai introduced an enormous $50 billion (68 trillion received) funding to safe its place because the auto market transitions to EVs. The Korean automaker will rent 80,000 folks in Korea to assist it turn into a top-three EV maker by 2030.
Hyundai plans +$50 billion funding amid EV shift
Hyundai’s new funding is to “safe future progress engines,” together with EV tech and software-defined autos (SDVs).
Over half of the funding (35.5 trillion received/ $26 billion) will likely be used for R&D on EV infrastructure and manufacturing to “dominate core applied sciences.” One other 31.1 trillion received will likely be used for R&D for EVs, SDVs, and battery tech.
Hyundai can even use the funding to increase EV-specific factories, IT capabilities, and joint investments in associates.
The corporate will first make a “giant funding” in a brand new EV-specific manufacturing facility. In Q2, Kia’s EV plant in Gwangmyeong will likely be full, enabling Kia’s reasonably priced EV3 to go on sale in Korea and abroad.
Within the second half of 2025, Kia’s Hwaseong EV plant will start producing customized PBV electrical autos.
Hyundai’s new Ulsan EV plant will start manufacturing within the first quarter of 2026, beginning with the “Extremely-large” Genesis electrical SUV. As soon as up and working, the plant is predicted to supply 200,000 EVs yearly.
Genesis unveiled its first full-size luxurious electrical SUV, the Neolun Idea, earlier this week. The smooth electrical SUV will function Hyundai’s tech beacon.
Hyundai’s luxurious model additionally introduced a brand new high-performance model, Magma, that can rival Mercedes-AMG.
The Korean automaker, presently the third-largest globally (together with Kia and Genesis), goals to be a top-three EV maker by 2030.
By then, Hyundai plans to have 31 electrical autos with 1.51 million annual home EV manufacturing capability. Hyundai is already seeing success with its devoted EV platform (E-GMP) underpinning the IONIQ 5, IONIQ 6, Kia EV6, and Genesis GV60.
Hyundai is about to unveil its first three-row electrical SUV, the IONIQ 9, later this 12 months. Forward of its debut, we bought a sneak peek of the EV testing in public.
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