Hyundai invests tens of billions of dollars to develop electric cars

At the 2024 New York Auto Show taking place in the US, Mr. Jose Munoz, Hyundai's global operations chief, said the company plans to invest $51 billion over three years to boost electric vehicle production and develop mobility solutions.

Of that, about $26.4 billion will be used for research and development of infrastructure, as well as new assembly lines for pure electric vehicles.

The Korean automaker will also invest about $23.1 billion in research and development of new electric cars, including battery technology and models that can be upgraded and have additional features added through software updates.

The remaining $1.19 billion will be a strategic investment in software and mobility solutions.

The Hyundai Ioniq 5 pure electric car model is assembled and distributed in Vietnam.

The $51 billion investment in its home market of South Korea is expected to help Hyundai create 80,000 new jobs, of which about 44,000 will serve its plan to electrify its product range and achieve its goal of zero emissions.

In addition, according to Korea JoongAng Daily, Hyundai will also build a new headquarters in the capital of South Korea, Seoul. This complex consists of two 50-story buildings and four lower buildings, with a total construction cost of about 3.3 billion USD and providing 9,200 jobs.

Previously, Hyundai had committed to invest 12.6 billion USD to build an electric vehicle and battery factory in Georgia (USA). This is currently Hyundai's largest investment outside of Korea.

Currently, the two brands under Hyundai Motor, Hyundai and Kia, have both launched many pure electric vehicle models, including Hyundai Ioniq 5, Ioniq 6, Kona Electric and Kia Niro EV, EV6, EV9. Of which, the Ioniq 5 model is being assembled and officially distributed in Vietnam.

Source: https://xe.baogiaothong.vn/hyundai-dau-tu-hang-chuc-ty-usd-de-phat-trien-o-to-dien-192240329145823218.htm