Hyundai wants to double down on electric cars

For several years, manufacturers have been working hard on the development of electric vehicles. And Hyundai there is no exception.

Big investment in Hyundai

The company already has several models, including the Ioniq 5 and Ioniq 6. But that’s not all and he doesn’t want to rest, as he plans to expand his range further. Therefore, on March 27, the South Korean car manufacturer Hyundai launched an ambitious investment plan of more than 50 billion dollars in South Korea by 2026. This huge amount is aimed at promoting the development and production of electric vehicles, a sector that Hyundai is looking to acquire. up. The latter, associated with Kia, currently ranks third in the world in terms of car sales. However, it is still slightly behind in the electricity sector, a market led by Tesla and BYD. But Hyundai intends to change that situation, as the company wants to enter the top three. Therefore, the manufacturer announced last year its goal to increase its annual production in this sector to more than 3.6 million units by 2030.

Hyundai has high expectations

Today, with this huge new investment of 68 billion won, which equates to about $50.5 billion based on the exchange rate, Hyundai Motor Group wants to go even further. It wants to “protect the engines of future growth in an uncertain business environment with a policy of constant reform and innovation”. creating 80,000 jobs in…Read more at Autoplus