The Hyundai Motor Group plans to invest 68 trillion won ($51 billion) over three years in South Korea to boost production of its electric vehicles and grow its mobility business.
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The company’s global chief operating officer Jose Munoz revealed during the New York Auto Show that Hyundai will invest 35.5 trillion won ($26.4 billion) to new research and development infrastructure, as well as new assembly lines for its EVs. It will also allocate 31.1 trillion won ($23.1 billion) to the research and development of electric vehicles. This includes software-defined vehicles and battery technology. A further 1.6 trillion won ($1.19 billion) will serve as a strategic investment into mobility and software.
“We are doubling down on electrification,” Munoz said. “We’re very committed to the United States market.”
Read: Hyundai Unfazed By EV Sales Dip, Accelerates Electrification Plans
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Hyundai has previously committed to invest $12.6 billion into new EV and battery manufacturing facilities in Georgia. This represents its largest investment outside of South Korea. The group’s investments will allow it to invest 80,000 new employees. Of these, approximately 44,000 will be dedicated to its electrification, software-defined vehicles, and carbon neutrality efforts.
A new headquarters in Seoul’s Gangnam District will also be built. This new HQ will include two 50-story buildings and four small high-rises. It will support 9,200 jobs and cost approximately 4.6 trillion won ($3.3 billion), Korea JoongAng Daily reports.
These investments show that Hyundai is not overly concerned with the current slowdown in demand for electric vehicles. In January, Hyundai Motor North America’s senior vice president of product planning and mobility strategy, Olabisi Boyle, said the company is “exceptionally positioned” to be a leader in the “electrification future.”
Hyundai currently sells 10 electrified vehicles in the United States. These include BEVs like the Ioniq 5, Ioniq 6, and Kona Electric, while Kia also sells the Niro EV, the EV6, and the award-winning EV9.
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