Hyundai's Electric Vision: $18B Investment Paves Way for Company's Commitment To Electric Cars

by Shivani Kumaresan, Benzinga Staff Writer

April 11, 2023 7:00 AM | 1 min read |

Hyundai Motor Company HYMTF plans to invest 24 trillion won ($18.2 billion) by 2030 to boost electrification.
The group, including Hyundai Motor, Kia and Genesis electric models, expects to expand the annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030.
The investment will be used to upgrade Korea’s EV ecosystem and to promote domestic EV production, R&D, infrastructure and related industries.
Hyundai said that by 2030, it expects to have 31 EV models across its portfolio of brands.
The announcement was made at the groundbreaking ceremony of Kia’s dedicated plant for purpose-built vehicle (PBV) production in Korea.
Price Action: HYMTF shares closed higher by 0.04% at $35.01 on Monday.
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