Hyundai Will Be One of the Top Three Electric Vehicle Manufacturers

Hyundai Motor Group announced a new investment plan at the groundbreaking ceremony of a new facility. Hyundai, which aims to become one of the world’s top 3 manufacturers of electric cars by 2030, has allocated an additional budget of 18 billion dollars for this purpose.

The group aims to increase annual EV production in Korea to 1.51 million units by 2030, while also planning to increase global volume to 3.64 million units. Taking concrete steps to realize all such plans and targets it has announced, Hyundai also supports new innovations that will develop the EV ecosystem and the global automotive industry. Hyundai, which also supports local manufacturers, R&D centers and EV-related industries, will also significantly promote its supply chain.

While Hyundai is building new factories and facilities for electric models, it is also expanding lines in factories to increase the production capacity of existing EVs. The group will also invest heavily in R&D to develop platforms for next-generation EVs, enrich product lines and offer more advanced technologies. It will also encourage the development of high-end technological equipment together with other partners in the sector. In addition to all these innovations, Hyundai; It will also increase integration across hardware and software, including the development of advanced technologies that will increase the range of electric vehicles. Hyundai Motor Group is also establishing a special fund to help increase suppliers’ liquidity. It also paves the way for electrification for internal combustion engine part suppliers who want to diversify their products in order to develop environmentally friendly vehicle parts.

The group will also provide special consultancy services to suppliers who want to develop new business strategies for the future and explore new business lines. In addition, it will provide training support to companies’ managers and employees to develop the mobility skills of the future.

Through these strategic investments, Hyundai Motor Group will drive the paradigm shift in the global mobility industry and help increase the competitiveness of the entire EV industry, especially in Korea.