Hyundai invests $50 billion for electric car production in South Korea

2024-03-27T13:20:34.046Z

Highlights: Hyundai invests $50 billion for electric car production in South Korea. The objective for Hyundai is to increase its annual production of electric cars to more than three and a half million units by 2030. Investments are also planned in infrastructure, software, battery technology, and autonomous driving. With its subsidiary Kia, Hyundai is the third largest manufacturer in the world in terms of sales, but the giant is lagging behind in the electric sector. Faced with this tough competition, the South Korean group is investing heavily in the future, particularly in flying electric cars.

The South Korean automobile group Hyundai will invest more than $50 billion in the country by 2026 to develop the production of electric vehicles. With its subsidiary Kia, Hyundai is the…

Hyundai invests $50 billion for electric car production in South Korea

The South Korean automobile group Hyundai will invest more than $50 billion in the country by 2026 to develop the production of electric vehicles. With its subsidiary Kia, Hyundai is the third largest manufacturer in the world in terms of sales, but the giant is lagging behind in the electric sector.

The objective for Hyundai is to increase its annual production of electric cars to more than three and a half million units by 2030. AFP/File

By: RFI Follow

Bringing its annual production of electric cars to more than three and a half million units by 2030 is the objective of this plan which will enable the creation of 80,000 jobs in South Korea and the construction of three new factories. Investments are also planned in infrastructure, software, battery technology, and autonomous driving.

Hyundai is lagging behind Chinese manufacturers who want to dominate the global electric market. The Chinese BYD, which offers cars at very attractive prices, overtook the American Tesla in the fourth quarter of 2023 in terms of sales.

Faced with this tough competition, the South Korean group is investing heavily in the future, particularly in flying electric cars. Last January at the Las Vegas electronics show, he presented a prototype of his taxi plane which will be able to carry a pilot and four passengers. Its arrival is planned for 2030.

Also read: The electric transition in the automobile industry is slower than expected

Hyundai invests $50 billion for electric car production in South Korea

Hyundai invests $50 billion for electric car production in South Korea

You may like

Trends 24h

Latest