Hyundai has announced a major investment of $50 billion (68 trillion won) to shore up its position as the car market shifts towards electric vehicles. The Korean automaker will lease to 80,000 more people in Korea to help it become one of the top three sensible EV brands through 2030.
Hyundai’s new investment aims to “secure long-term expansion drivers,” adding generation of electric vehicles and software-defined cars (SDVs).
More than a portion of the investment (35. 5 trillion won/$26 billion) will be used for R&D.
Hyundai will use the investment to expand specific EV factories, IT functions and joint investments in its subsidiaries.
The company will first make a “significant investment” in a new express plant for electric vehicles. In the second quarter, Kia’s electric vehicle plant in Gwangmyeong will be completed, allowing Kia’s EV3 to go on sale in Korea and overseas.
So far in 2025, Kia’s electric vehicle plant in Hwaseong will start generating traditional PBV electric vehicles.
Hyundai’s new electric vehicle plant in Ulsan will begin production in the first quarter of 2026, with the Genesis “ultra-wide” electric SUV. Once domestic, the plant is expected to produce 200,000 electric cars per year.
Genesis this week unveiled its first full-size electric luxury SUV, the Neolun Concept. The electric SUV will serve as Hyundai’s technological flagship.
This is a company that understands electric cars and how investments will make it a more potent player in the market. GM and Ford, to a lesser extent, just don’t seem to get it. Enjoy being in the dustbin of history.
Hyundai’s luxury logo also announced a new high-performance logo, Magma, that will rival Mercedes-AMG.
The Korean automaker, currently the third largest in the world (along with Kia and Genesis), aims to be among the top three EV brands by 2030.
By then, Hyundai plans to have 31 electric cars with an annual domestic production capacity of 1. 51 million electric cars. Hyundai is already seeing good luck with its committed electric vehicle platform (E-GMP) that underpins the IONIQ 5, IONIQ 6, Kia EV6. and Genesis GV60.
Hyundai will unveil its first three-row electric SUV, the IONIQ 9, later this year. Prior to its debut, we were able to see EV testing in public.
Peter Johnson covers the automotive industry’s step-by-step transformation to electric vehicles. He is a seasoned investor, money writer, and electric vehicle enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is one of the main reasons he pursued a career in investing. If he doesn’t tell you about his latest discoveries in the 10K, you can spot him enjoying the outdoors or exercising.