The Korean concern Hyundai Motor announced on March 2 that it plans to invest 95.5 trillion Korean won (=$79.21 billion) in the development of its own business until 2030.
19.4 trillion won (=$16.1 billion) of this amount will be used to develop and organize the production of new models of electric vehicles, according to Reuters.
Hyundai Motor manufactures vehicles under the Hyundai, Kia, Genesis and Ioniq brands.
By 2030, the concern intends to take 7% of the global market for electric vehicles in its predicted volume, which corresponds to a sales level of 1.87 million vehicles per year. In this case, the operating margin will be 10% or more.
Hyundai Motor Chief Executive Officer Zhehun Chang says the company is consistently and successfully transitioning its business from ICE vehicles to pure electric vehicles despite the global shortage of microchips and the coronavirus pandemic.
Reuters notes that Hyundai Motor's investment in the production of electric vehicles, although large, is not as large as that of Toyota Motor, which plans to invest $69.43 billion in this direction by 2030.
During 2022, Hyundai Motor expects vehicle sales of all its brands to grow by 12.1% in total. In 2021, the concern's global sales amounted to 6.92 million vehicles, which is 4% less than in 2020.
Hyundai Motor invests $80 billion in its own development until 2030
