South Korea’s Hyundai Motor Co boosts EV spending to USD 16 Bn

By Akshay Kedari  | Date: 2022-03-04

South Korea’s Hyundai Motor Co boosts EV spending to USD 16 Bn

As the viability of EVs is getting realized, auto manufacturers are increasingly directing their efforts towards this space. Recently, Hyundai Motor Co. announced plans to invest USD 79.21 billion through 2030, including USD 16.10 billion in EV-related businesses.

The South Korean multinational automotive giant, which along with its subsidiary Kia Corp ranks among the world's top 10 automakers by sales, is aiming for a 7% market share in the worldwide electric vehicle market by 2030, with an annual sales goal of 1.87 million vehicles. The firm is also eyeing an operating profit margin of 10% or greater in its EV business by 2030.

Jaehoon Chang, Chief Executive Officer of Hyundai Motor, was quoted saying that despite a challenging economic climate caused by the worldwide chip shortage as well as the ongoing pandemic, the company is effectively speeding its transition to electrification and becoming a global leader in EVs. 

Analysts, on the other hand, said Hyundai's USD 16 billion investment in the EV business would not be considered "aggressive" in comparison to likes of larger competitors such as Toyota Motor Corp., which plans to pour USD 69.43 billion into electrification by 2030.

Speculations have it that Hyundai intends to allocate around 20% of its USD 79.21 billion investment to EV-related businesses, including EV charging points, strategic alliances, and creating new plants with battery manufacturers, and the EV investment does not seem too surprising.

Chang stated that Hyundai was considering the construction of new dedicated EV manufacturing plants, although did not provide specifics on their locations or timelines.

According to analysts, Hyundai is planning to develop dedicated EV plants in the United States, which it views to be its most important EV market.

Source Credit:

https://money.usnews.com/investing/news/articles/2022-03-02/south-koreas-hyundai-motor-plans-to-invest-79-2-billion-through-2030

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More >>

More News By Akshay Kedari

Fitbit faces privacy complaints in EU over alleged unlawful data exports

Fitbit faces privacy complaints in EU over alleged unlawful data exports

By Akshay Kedari

Fitbit, a Google company, is reportedly facing a series of privacy complaints within the European Union. These complaints revolve around allegations that the company is engaging in unlawful exporting of user data, thereby violating the EU's strin...

Social network X makes API changes impacting developers & enterprise clients

Social network X makes API changes impacting developers & enterprise clients

By Akshay Kedari

Social network X, previously known as Twitter, has reportedly unveiled more modifications that involve the retirement of certain legacy API endpoints. The company implemented adjustments to its API pricing in March, resulting in elevated costs for...

Zapata AI and IonQ joins hands to push boundaries of Generative AI

Zapata AI and IonQ joins hands to push boundaries of Generative AI

By Akshay Kedari

Zapata AI, a software enterprise dedicated to addressing intricate computational challenges, has reportedly unveiled a strategic partnership with IonQ, a leading figure in quantum computing hardware and commercial quantum application advancement. The...

Meta unveils AudioCraft for audio & music creation using Generative AI

Meta unveils AudioCraft for audio & music creation using Generative AI

By Akshay Kedari

The tech giant Meta has reportedly introduced AudioCraft, a framework capable of generating high-quality audio and music based on short text prompts. The AudioCraft framework aims to simplify the use of generative models for audio by providing a c...

GSK Pharma reports 11% surge in Q1 profit fueled by Vaccine Demand

GSK Pharma reports 11% surge in Q1 profit fueled by Vaccine Demand

By Akshay Kedari

GlaxoSmithKline Pharmaceuticals, the Indian arm of GSK plc based in the UK, reportedly recorded an 11% increase in its first-quarter profit, driven by robust demand for its vaccines. According to the company's statement, the consolidated profi...