Hyundai announced a massive $50 billion (68 trillion won) investment to secure its position as the auto market transitions to EVs. The Korean automaker will hire 80,000 people in Korea to help it become a top-three EV maker by 2030.
Hyundai plans +$50 billion investment amid EV shift
Hyundai’s new investment is to “secure future growth engines,” including EV tech and software-defined vehicles (SDVs).
Over half of the investment (35.5 trillion won/ $26 billion) will be used for R&D on EV infrastructure and manufacturing to “dominate core technologies.” Another 31.1 trillion won will be used for R&D for EVs, SDVs, and battery tech.
Hyundai will also use the funding to expand EV-specific factories, IT capabilities, and joint investments in affiliates.
The company will first make a “large investment” in a new EV-specific factory. In Q2, Kia’s EV plant in Gwangmyeong will be complete, enabling Kia’s affordable EV3 to go on sale in Korea and overseas.
In the second half of 2025, Kia’s Hwaseong EV plant will begin producing custom PBV electric vehicles.
Hyundai’s new Ulsan EV plant will begin production in the first quarter of 2026, starting with the “Ultra-large” Genesis electric SUV. Once up and running, the plant is expected to produce 200,000 EVs annually.
Genesis unveiled its first full-size luxury electric SUV, the Neolun Concept, earlier this week. The sleek electric SUV will serve as Hyundai’s tech beacon.
Hyundai’s luxury brand also announced a new high-performance brand, Magma, that will rival Mercedes-AMG.
The Korean automaker, currently the third-largest globally (including Kia and Genesis), aims to be a top-three EV maker by 2030.
By then, Hyundai plans to have 31 electric vehicles with 1.51 million annual domestic EV production capacity. Hyundai is already seeing success with its dedicated EV platform (E-GMP) underpinning the IONIQ 5, IONIQ 6, Kia EV6, and Genesis GV60.
Hyundai is set to unveil its first three-row electric SUV, the IONIQ 9, later this year. Ahead of its debut, we got a sneak peek of the EV testing in public.