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Hyundai Motor Group to invest 68 tln won in S. Korea by 2026

March 27, 2024

Hyundai Motor Group said Wednesday it will invest 68 trillion won (US$50.6 billion) and hire 80,000 in South Korea by 2026, as it seeks to gain a competitive edge in electric vehicles.

The group, which includes affiliate Kia Corp., aims to expand its annual production of electric vehicles (EVs) in South Korea to 1.51 million units by 2030, Hyundai Motor said in a statement.

Last year, Hyundai Motor Group’s investment stood at 17.5 trillion won, according to the statement.

(LEAD) Hyundai Motor Group to invest 68 tln won in S. Korea by 2026 - 1

Hyundai Motor said 31.1 trillion won will be spent on research and development projects.

With the investment, Hyundai Motor plans to expand its EV lineup to 31 models by 2030.

Hyundai Motor also plans to work to create a future mobility ecosystem based on software-defined vehicles and artificial intelligence.