Hyundai is investing 47 billion euros, mainly in electric driving

Hyundai is investing around 47 billion euros in its vehicles until 2025, mainly in the development and production of electric vehicles. Capital injection is intended, among other things, for the construction of three new factories for EVs. According to Hyundai, 80,000 jobs will also be created in South Korea as a result of the investment, ANP reports.

Hyundai already has several electric models on the market and sees itself as a pioneer in electric driving. At the end of 2023, Hyundai announced that it will manufacture electric cars in Saudi Arabia. The South Korean brand signed an agreement with the Saudi Public Investment Fund (PIF) to build a car factory in the kingdom.

Criticism

Greenpeace recently criticized the manufacturer. With more than double the sales of gasoline SUVs, Hyundai is losing out on the benefits its electric vehicles bring to the climate, according to the environmental organization. In addition, last month Hyundai canceled its plan to distribute the luxury Genesis brand only as a “full EV” from 2025. Hybrid models of the Genesis will also come to market in the coming years.