Hyundai Motor has announced another investment in the creation and production of electric vehicles and unmanned vehicles: in the US, the concern will spend $10.5 billion on this area by 2025, in South Korea — $16 billion by 2030. Total: $26.5 billion over the next eight years.
From the investment program in the United States, $ 5 billion will go to the development of autonomous driving technologies, artificial intelligence, urban mobility and robots, $ 5.5 billion - to the construction of a new full-cycle plant for the production of Hyundai and Kia electric vehicles and traction batteries for them, the capacities will be located in the state of Georgia . Reuters notes that the region was not chosen by chance - it is successful for the production of electric vehicles, because it is located in the south and has a warm climate, in addition, it has an inexpensive labor force and there are no strong unions.
The $16 billion that will be invested in South Korea is intended to increase the production of Hyundai and Kia electric vehicles in the country to 1.44 million units in 2030. At home, Hyundai Motor Group will produce 45% of such cars, thus, the group's global production of electric vehicles at the beginning of the next decade will be 3.23 million units.
Hyundai Motor Group Chairman Eisun Chang announced the massive investment in the United States during a meeting with US President Joe Biden in Seoul. The South Korean part of the program became known last Wednesday.
Recall that the Hyundai Ioniq 5 electric car, produced since 2021, won the prestigious title of International Car of the Year in April 2022. In March 2022, the Kia EV6 co-platform with it became the “Car of the Year in Europe”.
Hyundai Motor will invest $26.5 billion to increase the production of electric vehicles and drones
