• Wednesday, May 22, 2024
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Hyundai Motor to invest $85.41bn by 2032 to speed up EV plans

How Hyundai’s identity ruled global auto market in 2023

Hyundai Motor Company, the South Korean auto manufacturing, has perfected plans to invest about $85.41 billion in the period through to 2032 to speed up its electric vehicles (EVs) plans, the company said on Tuesday.

Hyundai Motor, which together with affiliate Kia Corp is among the world’s 10 biggest automakers by sales, also said that it plans to lift the localisation of electric vehicles production in the United States, its biggest market, by increasing the share of output from 0.7 percent to 75 percent by 2030.

Read also: Renault names Luca de Meo as head of electric vehicle unit

The carmaker is targeting the sale of 2 million electric vehicle units annually by 2030 and aims to achieve a more than 10 percent profitability rate for electric vehicles in the same year.