Hyundai Announces $50 Billion Investment in EV Sector

The Korean automotive giant aims to become a top-three player in the global electric vehicle market by 2030.

Hyundai plans to invest $50 billion to bolster its position in the electric vehicle (EV) market, aiming for a top-three global ranking by 2030.
The investment will fund research and development in EV technology, software-defined vehicles, and battery technology, as well as expand EV-specific factories.
Hyundai and its affiliate Kia will create 80,000 jobs in South Korea and build three new EV factories to increase annual EV production to 1.51 million units by 2030.
The group's investment also includes a focus on EV infrastructure, IT capabilities, and joint investments in affiliates, with significant allocations for new research and development infrastructure.
Hyundai's luxury brand Genesis unveiled the Neolum Concept, a full-size electric SUV, and announced a new high-performance brand, Magma, to rival Mercedes-AMG.