Hyundai to spend $18bn in shift to electric cars
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.
Hyundai Group includes Hyundai Motor, Kia, the luxury Genesis brand, and parts and service arm Hyundai Mobis.
Hyundai said that by 2030 it expects to have 31 electric models across its suite of brands. It added that Kia will build a new plant to manufacture electric purpose-built vehicles in Hwaseong city south of Seoul.
Kia is preparing to release a three-row seat electric SUV, the EV9, in Korea later this year while Hyundai plans to introduce the Ioniq 7 in 2024.
This echoes what Hyundai has already outlined when it comes to investing for a greener future. Hyundai and Genesis have detailed plans previously to introduce at least 17 battery-powered vehicles by 2030, alongside 14 from Kia, which should be a “huge enabler” to reach the company’s goal of 3.5 million annual electric sales in 2030.
