Hyundai Aims To Be A Top Three EV Maker By 2030, And It’s Investing $18 Billion To Get There

—announced on Tuesday that the conglomerate will invest $18 billion into its domestic electric vehicle manufacturing business amid the country’s efforts to lead global EV production.

The conglomerate—which includes Hyundai Motor, sister company Kia and auto-parts affiliate Hyundai Mobis—plans to become one of the world’s top three EV makers by 2030, expanding its domestic EV production to 1.51 million units and global production to 3.64 million units. By that year, Hyundai says its total lineup will include 31 EV models, including those from its sibling brands Kia and Genesis.

“Our focus is to enhance the competitiveness of the entire electric vehicle ecosystem, including research and development, production, and infrastructure,” Kia president and CEO Ho Sung Song said in a on behalf of Hyundai Motor. Song added the investment would help Korea become one of the “top three players in the global EV market” by 2030.SK Group as the second-largest corporate group in South Korea by asset size last year, will go towards research and development for “next-generation” EVs, including new product lineups, core parts and research facilities.

Last year, Hyundai earmarked $16 billion for its EV manufacturing, and in 2021, announced it would invest $7.4 billion for its expansion into the U.S. by 2025. Building on its existing product portfolio, Kia plans to unveil a new flagship electric SUV this year, followed by Hyundai’s release of its affordable passenger EV line IONIQ next year.

Source: News Formal (newsformal.com)

They better get their dealerships under control then. Worst care buying experience ever.

I don’t want any of them

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