Hyundai introduced an enormous $50 billion (68 trillion gained) funding to safe its place because the auto market transitions to EVs. The Korean automaker will rent 80,000 individuals in Korea to assist it turn out to be a top-three EV maker by 2030.
Hyundai plans +$50 billion funding amid EV shift
Hyundai’s new funding is to “safe future development engines,” together with EV tech and software-defined automobiles (SDVs).
Over half of the funding (35.5 trillion gained/ $26 billion) will likely be used for R&D on EV infrastructure and manufacturing to “dominate core applied sciences.” One other 31.1 trillion gained will likely be used for R&D for EVs, SDVs, and battery tech.
Hyundai may even use the funding to increase EV-specific factories, IT capabilities, and joint investments in associates.
The corporate will first make a “massive funding” in a brand new EV-specific manufacturing unit. In Q2, Kia’s EV plant in Gwangmyeong will likely be full, enabling Kia’s inexpensive 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 automobiles.
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 operating, 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 modern 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 automobiles 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 ready to unveil its first three-row electrical SUV, the IONIQ 9, later this 12 months. Forward of its debut, we obtained a sneak peek of the EV testing in public.