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| ▲ This file photo offered by Hyundai Motor Co. shows the IONIQ 5 all-electric model equipped with Hyundai Motor Group's dedicated EV platform named E-GMP. (PHOTO NOT FOR SALE) (Yonhap) |
Hyundai-EV investments
Hyundai Motor to invest 109.4 tln won by 2032 in EV growth
SEOUL, June 20 (Yonhap) -- South Korea's Hyundai Motor Co. said Tuesday it will invest 109.4 trillion won (US$85.4 billion) by 2032 to secure a leading position in the global future mobility market, while aiming to sell 2 million all-electric models by 2030.
Hyundai Motor's investment plans and EV sales target are up from 95.5 trillion won and 1.87 million units, respectively, announced in March last year.
Of the planned investments, Hyundai will spend 47.4 trillion won on research and development activities, with 47.1 trillion won allotted for facility investments and 14.9 trillion won earmarked for strategic investments for the 10 years ending in 2032, the company said in a statement.
Hyundai expects more than 50 percent of its vehicles to be sold in South Korea, the United States and Europe to be battery-powered models by 2030.
Hyundai’s plan to dominate the global EV market[https://youtu.be/_SkBxx-TI3I]
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