Hyundai to spend $18bn in shift to electric cars

Hyundai said that by 2030 it expects to have 31 electric models across its suite of brands

Hyundai Group plans to boost its annual output of electric cars in Korea to 1.51 million units by end of this decade.

Hyundai Motor has committed to a spend of around $18.2bn (€16.5bn) by 2030 as it seeks to increase production of electric vehicles.

The group, which also set itself a goal of becoming one of the world’s top three electric vehicle makers, plans to boost its annual output of electric cars in Korea to 1.51 million units by end of this decade, or about 40% of estimated global electric vehicle production of 3.64 million.