South Korea automaker, Hyundai Motors, has announced plans to invest about 95.5 trillion won, estimated at $79.21 billion through 2030 and about 19.4 trillion won ($16.10 billion) towards electric vehicle (EV) related businesses.
The automaker disclosed during a virtual investor day that it aims to achieve a 7% market share in the global EV market by 2030, with an annual sales target of 1.87 million vehicles.
Hyundai Motor Chief Executive Officer, Jaehoon Chang, stated that the company is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic.
Chang added that Hyundai was considering building new dedicated EV production plants without providng details of new factories, including locations and timeline.
However, analysts have expressed that Hyundai’s investment in EV business would not be considered an “aggressive” approach compared to its rivals, adding, that the investment is easily dwarfed by bigger rivals including Toyota Motor Corporative which plans to invest 8 trillion yen ($69.43 billion) for electrification by 2030.
