The Hyundai Motor Group plans to invest 68 trillion won over three years in South Korea to boost production of its electric vehicles and grow its mobility business. The company’s global chief operating officer Jose Munoz revealed during the New York Auto Show that Hyundai will invest 35.5 trillion won to new research and development infrastructure, as well as new assembly lines for its EVs. It will also allocate 31.1 trillion won to the research and development of electric vehicles.
This represents its largest investment outside of South Korea. The group’s investments will allow it to invest 80,000 new employees. Of these, approximately 44,000 will be dedicated to its electrification, software-defined vehicles, and carbon neutrality efforts. A new headquarters in Seoul’s Gangnam District will also be built. This new HQ will include two 50-story buildings and four small high-rises. It will support 9,200 jobs and cost approximately 4.
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