Hyundai to invest 109.4 trillion won by 2032, also raises EV sales target

Hyundai Motor has raised its planned investment through 2032 by more than 14% to 109.4 trillion won (1.85 trillion CZK). It aims to secure a leading position in the global market for future mobility. By 2030, it plans to sell two million fully electric models a year. Yonhap news agency reported this, citing a company statement released today.

The automaker’s investment plan has therefore increased from 95.5 trillion won in its plan from March last year, while its EV sales target has risen from 1.87 million vehicles.

Of the planned investment, the automaker will spend 47.4 trillion won on research and development. A further 47.1 trillion won has been earmarked for investment in manufacturing plants, while 14.9 trillion won is allocated to strategic investments, the company said in a statement.

Hyundai expects that by 2030, more than half of its vehicles sold in South Korea, the United States and Europe will be electric.