Hyundai Motor plans to increase its investment in electric vehicles to $28 billion.
Hyundai Motor will increase its annual investment in the electricity sector by about two-thirds and spend $28 billion as part of its strategy to increase sales of electric vehicles over the next decade, according to the sources.
The Korean automaker announced that it has raised its electric vehicle sales target from 1.87 million units to 2 million units by 2030.
Hyundai Motor said in a statement that, with global demand for electric vehicles growing faster than market expectations, Hyundai Motor is raising its sales target in 2030. To achieve this goal, Hyundai plans to increase domestic production of electric vehicles in its three major markets in the United States and Europe. and South Korea, where more countries are considering incentives for domestically produced vehicles.
in the United States of America; The country’s largest market, electric vehicle production of only 0.7% at present, will account for three quarters of the country’s total vehicle production by 2030.
Hyundai Motor CEO Jihoon Chang said the automaker plans to make its cars more compatible with Tesla’s North American charging standard. China, the world’s largest auto market, was very profitable until 2016, Zhang told investors, but not now as the automaker has lost share to local competitors.
Hyundai plans to invest 9.5 trillion won ($7.4 billion) over the next 10 years to increase its battery competitiveness and develop next-generation batteries.
According to a Reuters report, Hyundai plans to supply more than 70 percent of its batteries through joint ventures by 2028 and beyond. Hyundai also announced that it aims to achieve an operating profit margin of 10% or higher in the electric vehicle business by 2030.
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