Hyundai's $51 Billion Investment in EVs and Mobility

Mar 28, 2024

Hyundai Motor Group plans to invest 68 trillion won ($51 billion) over three years in South Korea to boost production of its electric vehicles and expand its mobility business.

Hyundai's Ambitious Investment

A major portion of the investment, 35.5 trillion won ($26.4 billion), will be allocated to new research and development infrastructure and assembly lines for EVs.

Ramping Up Research and Development

Hyundai will allocate 31.1 trillion won ($23.1 billion) to the research and development of electric vehicles, including software-defined vehicles and battery technology.

Advancements in Electric Vehicle Technology

1.6 trillion won ($1.19 billion) will be strategically invested in mobility and software, further expanding Hyundai's presence in the evolving transportation landscape.

Strategic Investment in Mobility and Software

Hyundai's global COO Jose Munoz emphasized their commitment to the United States market as they double down on electrification and expand their EV lineup.

Hyundai's Commitment to the US Market

Hyundai has previously committed to investing $12.6 billion in new EV and battery manufacturing facilities, creating thousands of new jobs.

Investing in EV and Battery Manufacturing Facilities

Hyundai will build a new headquarters in Seoul's Gangnam District, featuring two 50-story buildings and four small high-rises, supporting thousands of jobs.

A New Headquarters for Hyundai

Despite the current slowdown in electric vehicle demand, Hyundai remains confident in its position as a leader in the electrification future.

Hyundai's Confidence in Electrification