[bsa_pro_ad_space id=14]
Hyundai is hoping the substantial investment will turn its home turf into a hub for both electric and internal combustion-engined car production.
0
Hyundai Motor Group has revealed plans to invest 63 trillion won, or $AU69.6 billion, in South Korea over the next three years, with a specific focus on growing its electric car production capabilities.
According to Reuters, the South Korean automotive group – which encompasses the Hyundai, Genesis and Kia brands – is hoping the investment will bolster its competitiveness in the fields of electrification, robotics, urban air mobility and autonomous driving.
As part of the investment, the group will commit 21 trillion won ($AU23.2 billion) to the expansion of its electric car production operations in South Korea, with the goal of building 1.44 million EVs a year in the country by 2030.
If achieved, this would account for 45 per cent of the group’s electric car production globally.
However, the automaker will also maintain its investment in the development of internal combustion-engined (ICE) cars, with 38 trillion won committed to the expansion of ICE production facilities in South Korea, according to The Korea Herald.
That’s despite overseas reports suggesting Hyundai and Kia have paused the development of new petrol and diesel engines, in favour of electric drivetrains.
“Based on investment in the Korean market, we will strengthen global business competitiveness. We will lead the paradigm shift of the automotive industry in Korea and continue to offer differentiated products and satisfactory service to our customers,” a Hyundai Motor Group official said in a media statement.
The Group’s investment in South Korea comes after it announced it would build an electric car and battery manufacturing plant in the US state of Georgia, representing an investment of $US5.54 billion, or $AU7.7 billion.
The project, which will break ground in 2023 and begin commercial production in 2025, will allow the carmaker to produce 300,000 electric cars annually.
Globally, the Hyundai Motor Group has a target of selling 3.23 million fully-electric vehicles annually by 2030 – or roughly 12 per cent of the global electric vehicle market.
During the first quarter of 2022, the Group sold 76,801 electric cars globally, representing a 73 per cent increase on the same period last year.
Susannah’s background is news journalism, followed by several years spent in celebrity journalism, entertainment journalism and fashion magazines and a brief stint hosting a travel TV show for Channel Ten. She joined Drive in 2020 after spending a year and a half at the helm of Harper’s BAZAAR and ELLE’s online platforms.
Susannah holds a Bachelor in Media and Communications from the University of Melbourne and cut her teeth as an intern for Time Inc in New York City. She has also completed a television presenting course with the National Institute of Dramatic Art. She lives in Melbourne with her husband and her one-year-old son who, despite her best efforts, does not yet enjoy a good road trip.
Read more about Susannah Guthrie 
[bsa_pro_ad_space id=15]