Hyundai Invests $18B in EVs By 2030

Hyundai Seeks Top 3 Global Electric Vehicle Position by 2020.

Hyundai Motor Group has declared that it will be allocating about 24 trillion won ($18.2 billion) in the decade to come, as the bulk of the automobile sector around the world is moving towards electric vehicles (EVs). The South Korean carmaker is one of a small group of global carmakers that have already confirmed their competence by introducing current and forthcoming batteries of extraordinary electric cars.

Hyundai, along with its auxiliary companies Kia and Genesis, are trying to use their considerable capital injection to increase their electric vehicle output. This is a logical maneuver considering that one of the major issues dealerships might face is a scarcity of stock. Even though various car makers are pushing electric cars out, there has not been very good access to them and it would appear that most represent just localized markets.

In accordance with Automotive News, Hyundai has mapped out an ambitious objective of becoming one of the foremost electric car developers globally. As established US automakers akin to Ford and GM vie to surpass Tesla as the preeminent EV company, Hyundai is jointly making strenuous strides with others, including Volkswagen, aiming to soon take the lead.

Hyundai has set its sights on boosting yearly EV production in Korea up to 1.51 million by the end of the decade, pushing its total global EV amount to 3.64 million within that same time-span. Success for the company’s brands could eventually mean securing close to 40% of all EVs produced around the world.

For perspective, Tesla manufactured almost 1.4 million EVs in 2022, and it’s estimated that production could be increased to 2 million this year. BYD yielded more than 900,000 fully electric vehicles in the same year.

By the year 2030, Hyundai Motor Group has projected to make available 31 electric cars. To fulfill on this, Kia is constructing a new factory in southern Seoul especially meant to design EVs. In addition, the introduction of the EV9- a three-row all-electric SUV- is just around the corner. Hyundai has very recently revealed the Ioniq 6 (from the images posted above) and the market launch of the Ioniq 7 is scheduled for 2024.

Hyundai Motor Group has just released news reaffirming their intention of furnishing seventeen electrical vehicles from Hyundai and Genesis, and a further fourteen coming from Kia by the year 2030. Moreover, furthermore prior they declared they would fabricate 3.5 million EVs per annum under this same timeline, this newly assessed number is merely marginally higher.

Source: Automotive News

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