Hyundai to make new investment over 18 billion for the EV industry
Hyundai Motor Group announced a new investment plan at the groundbreaking ceremony of a new facility. Aiming to be one of the world's top 3 manufacturers of electric cars by 2030, Hyundai has allocated an additional budget of $18 billion for this purpose.
The group aims to increase annual EV production in Korea to 1.51 million units by 2030, while also planning to increase global volume to 3.64 million units. Taking concrete steps to realize all such plans and goals it has announced, Hyundai also supports new innovations that will develop the EV ecosystem and the global automotive industry. Supporting local manufacturers, R&D centers and EV-related industries, Hyundai will also significantly promote its supply chain.
Hyundai is building new factories and plants for electric models, while also expanding lines at factories to increase production capacity for existing EVs. The group will also invest heavily in R&D to develop platforms for next-generation EVs, enrich product lines, and offer more advanced technologies.
It will also encourage the development of high-end technological equipment together with other partners in the sector. In addition to all these innovations, Hyundai; It will also increase integration across hardware and software, including the development of advanced technologies that will increase the range in electric vehicles.
Hyundai Motor Group is also establishing a special fund to help increase the liquidity of suppliers. It also paves the way for electrification for internal combustion engine part suppliers who want to diversify their products in order to develop environmentally friendly vehicle parts.