For several years, manufacturers have been working hard on the development of electric cars. And Hyundai is no exception.

Big investment in Hyundai

The firm already has several models, including the Ioniq 5 and Ioniq 6. But that’s obviously not all, and it’s not going to rest on its laurels as it plans to expand the range even further. Here’s how South Korean carmaker Hyundai unveiled an ambitious investment plan of more than US$50 billion in South Korea by 2026 on March 27. This significant amount is aimed at stimulating the development and production of electric vehicles, a sector where Hyundai is aiming. overtake. The latter, associated with Kia, currently ranks third in the world in terms of car sales. However, it is still a bit behind in the electric field, dominating the market Tesla as well as BYD. But Hyundai intends to change the situation, as the company wants to enter the top three. So, last year, the manufacturer announced its goal to increase annual production in this sector to more than 3.6 million units by 2030.

Hyundai has big ambitions

Today, thanks to this colossal new investment 68 trillion won, equivalent to roughly $50.5 billion depending on the exchange rate, Hyundai Motor Group wants to go further. It wishes to “secure the engines of future growth in an uncertain commercial environment through a policy of constant evolution and innovation”. Specifically, the manufacturer plans to create 80 thousand jobs in South Korea and will build three new factories for the production of electric vehicles. These installations are expected to increase the country’s annual electric vehicle production to 1.51 million units by 2030. The group’s strategy is not limited to manufacturing: it also includes investments in infrastructure, software, battery technology and autonomous driving. Enough to improve its reputation, although a Greenpeace report published last November highlighted that the firm had seen sales of SUVs increase by more than 150% over the past decade.

Suffice to say, the manufacturer still has some work to do, but it looks like it’s already off to a good start.