Hyundai Motor has announced on Wednesday a groundbreaking $50 billion investment plan aimed at propelling the South Korea EV expansion, placing the automaker into the top ranks of global electric vehicle (EV) manufacturers by 2030. This ambitious strategy is expected to generate 80,000 jobs, highlighting Hyundai’s dedication to shaping the future of mobility.

Focusing on EV and Software-Defined Vehicle Development

The investment will primarily support advancements in electric vehicle technology and the development of software-defined vehicles (SDVs). With $26 billion allocated for research and development (R&D) related to EV infrastructure and manufacturing, Hyundai is positioning itself to lead in core EV technologies. An additional $22.7 billion will be invested in R&D for EVs, SDVs, and battery technology, reinforcing the company’s commitment to innovation.

Expansion of Production Facilities and IT Capabilities

Hyundai plans to extend its EV-specific factories and enhance its IT infrastructure, including collaborations with affiliates to spearhead projects like an EV-specific factory, marking a significant shift towards specialized EV production facilities.

Kia, a subsidiary of Hyundai Motor Group, is nearing completion of its EV plant in Gwangmyeong, which will produce the affordable EV3 for both Korean and international markets. Additionally, Kia’s Hwaseong EV plant, set to commence operations in late 2025, will focus on producing custom PBV electric vehicles.

Scheduled for early 2026, Hyundai’s Ulsan EV plant will start with the production of the Genesis electric SUV, an ultra-large model with an annual target of 200,000 EVs.

Aiming for Top Three in EV Market by 2030

Currently ranked as the third-largest automaker globally, Hyundai, along with its brands Kia and Genesis, aims to secure a leading position in the EV market by 2030. The company plans to offer 31 electric vehicle models and reach a 1.51 million annual domestic EV production capacity.

Hyundai’s $50 billion investment in South Korea EV market represents a significant milestone in the automotive industry’s shift towards electric vehicles. By allocating resources towards EV production, research, and development, Hyundai is positioning itself at the forefront of this transition, aiming to meet the growing global demand for sustainable and innovative transportation solutions.

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