Hyundai’s $50 Billion EV Investment In South Korea

Hyundai, a major player in the global automotive industry, announces a monumental investment plan exceeding $50 billion in South Korea by 2026.

With the global automotive landscape undergoing a paradigm shift towards electric mobility, Hyundai, along with its affiliate Kia, aims to ramp up its presence in the EV segment.

Strategic Thrust Towards Electric Mobility

Despite being the world’s third-largest automaker by sales, Hyundai acknowledges its lag behind competitors like Tesla and Chinese firm BYD in the EV sector.

Strategic Thrust Towards Electric Mobility

Hyundai plans to create 80,000 jobs in South Korea and establish three new EV factories. This initiative aims to significantly increase annual EV production in the country to 1.51 million units by 2030. 

EV Production Targets

Hyundai's EV strategy focuses on infrastructure, software, battery tech, and autonomous driving. Yet, concerns arise due to increased sales of gas-guzzling SUVs, potentially offsetting EV climate gains.

Comprehensive EV Strategy

A Greenpeace report highlighted Hyundai-Kia’s SUV sales increases of over 150 percent in the past decade, urging Hyundai to prioritize the reduction of SUV sales to mitigate environmental impact.

Comprehensive EV Strategy