Hyundai Motor is planning to accelerate its electric vehicles (EV) plans by investing US$ 85.41 billion by 2032
- IBEF
- June 21, 2023
Hyundai Motor Company of South Korea is planning to invest over US$ 85.41 billion from now until 2032, with about US$ 28 billion set aside for electric vehicles (EVs).
In a statement, Hyundai Motor, which ranks among the top ten automakers in the world by sales along with affiliate Kia Corp, stated that it intends to increase localization of EV production in the US, its largest market, by increasing the share of output from 0.7% to75% by 2030.
The carmaker is targeting the sale of two million electric vehicle (EV) units annually by 2030 and aims to achieve a more than 10% profitability rate for EVs in the same year.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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