South Korean carmaker Hyundai has announced a massive 68 trillion won (around 47 billion euros) investment plan over three years to accelerate its development in electric vehicles.
Hyundai’s goal is to become one of the world’s top three manufacturers of electric vehicles by 2030. To achieve this, the company plans to market 31 100% electric models by that date, and to reach a production capacity of 1.51 million electric vehicles per year in South Korea.
Hyundai will recruit 80,000 new employees to support its growth in electric vehicles. Half of the investment will be devoted to building new infrastructure and assembly lines for electric vehicles. The other half will be invested in research and development, particularly in the fields of batteries, software and electric technologies.
Hyundai is already actively developing new technologies to differentiate itself from the competition. The company recently introduced Active Air Skirt (AAS) technology, which minimizes aerodynamic drag, and is also working on new-generation grilles to reduce drag and improve range.
Hyundai’s massive investment in electric vehicles is expected to have a positive impact on the South Korean economy. The company estimates that this investment could create more than 198,000 jobs in the country.
Hyundai shifts up a gear in the electric car race. The company’s massive investment in this area is a clear sign of its commitment to becoming a world leader in electric mobility.
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