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Hyundai Motor Group Announces $51 Billion Investment in Electric Vehicles and New Mobility

Massive infusion aims to enhance research, development, and production capabilities, with plans to hire 80,000 employees, focusing on electric vehicles and sustainable technologies
South Korea
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In a move to secure its position as a leader in the global automotive industry, South Korea’s Hyundai Motor Group unveiled a colossal investment plan of 68 trillion won ($51 billion) over the next three years. This strategic initiative aims to significantly advance the company’s electric vehicle (EV) and new mobility ventures, underscoring its commitment to innovation and sustainable development.

With an ambitious allocation of over 35.5 trillion won dedicated to constructing new research facilities and assembly lines specifically for EVs, Hyundai is positioning itself to meet the surging demand for electric vehicles. This investment reflects a deliberate pivot towards cleaner, more sustainable transportation solutions, aligning with global environmental goals and consumer preferences shifting away from traditional internal combustion engines.

Furthermore, Hyundai has earmarked an additional 31.1 trillion won for the research and development of cutting-edge EV technologies, including software-defined vehicles (SDVs) and advanced battery systems. These efforts aim to place Hyundai at the forefront of automotive innovation, offering vehicles that are not only eco-friendly but also equipped with the latest in automotive technology and connectivity.

The investment plan also includes a significant employment drive, with the group announcing the creation of 80,000 new jobs. A majority of these positions will focus on future-oriented roles, with 44,000 jobs in electrification, software-defined vehicles, and carbon neutrality initiatives. This move not only underscores Hyundai’s commitment to leading the transition to a more sustainable automotive future but also to contributing significantly to job creation and economic growth.

Hyundai Motor Group, which includes industry heavyweights Hyundai Motor and its affiliate Kia, ranks as the world’s third-largest automaker by sales. This investment strategy reinforces the group’s vision to maintain and extend its leadership in the competitive global automotive market, particularly in the rapidly growing EV segment. With its comprehensive approach to innovation, sustainability, and workforce expansion, Hyundai Motor Group is set to navigate the challenges and opportunities of the new mobility landscape with confidence and ambition.

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