Hyundai has announced a significant investment of $50 billion to maintain its position as the automotive market transitions to electric vehicles. The automaker will hire 80,000 workers in Korea to be able to enter the TOP 3 manufacturers of electric cars by 2030.

More than half of the investment ($26 billion) is planned to be directed to research and development of infrastructure and production of electric vehicles to “dominate core technologies.” About $24 billion will be used for research and development of electric vehicles, SDVs (software-controlled vehicles) and battery technologies.

Hyundai is also using the funds to expand its EV plants, IT capabilities and joint investments in subsidiaries.

First, the company will make a “big investment” in a new factory specially designed for the production of electric cars. In the second quarter, the construction of Kia’s electric vehicle production plant in Gwangmyeon will be completed. Thanks to this, it will be possible to start sales of the affordable electric car Kia EV3 in Korea and abroad.

In the second half of 2025, Kia’s plant in Hwaseong will start producing custom-made PBV electric vehicles. Hyundai’s new plant in Ulsan will begin production of electric vehicles in the first quarter of 2026, starting with the Genesis “super large” electric SUV. After launch, the plant is expected to produce 200,000 electric vehicles per year.

Hyundai is currently the third largest car manufacturer in the world (including the Kia and Genesis brands). The company aims to become one of the top three manufacturers of electric vehicles by 2030. By that time, Hyundai plans to have 31 models of electric vehicles in its portfolio with a domestic production capacity of 1.51 million electric vehicles per year.

Source: electrek

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