‘Hyundai Does Not Want To Be Left Behind’: Korea’s Car Giant Makes $16.5 Billion EV PushAmid growing competition among car makers to position themselves for a low-carbon future,
Hyundai Motor Group said it plans to invest a total of $16.5 billion over the next eight years to
expand its production of electric vehicles in its home market of South Korea.
The South Korean conglomerate, which includes the Hyundai, Kia and Genesis brands, aims to
make 1.44 million EVs a year in South Korea by 2030. The plan is part of the auto group’s target to capture 12% of the global EV market by then, selling 3.23 million EVs a year worldwide.
“As the global auto market is transitioning towards electric powertrains, major auto [makers] have started announcing their ambitious EV plans, and Hyundai does not want to be left behind,” says
Soumen Mandal, a senior research analyst at research firm Counterpoint.
