Hyundai Motor Group to Invest $51 Billion in Electric Vehicles and New Mobility
South Korea’s Hyundai Motor Group announced a massive investment and hiring plan
South Korea’s Hyundai Motor Group revealed its ambitious plan to invest 68 trillion won ($51 billion) over the next three years. The aim is to boost its growth potential in electric vehicles and new mobility businesses. Additionally, the conglomerate plans to hire 80,000 new employees to support these initiatives.
Major focus on research and development infrastructure for electric vehicles
The group disclosed that more than half of the investment, approximately 35.5 trillion won, will be directed towards establishing new research and development infrastructure and assembly lines specifically for electric vehicles. This move underscores their commitment to staying at the forefront of EV technology.
Emphasis on innovation in electric vehicles and battery technology
Another significant portion of the investment, totaling 31.1 trillion won, will be allocated to research and development in electric vehicles. This includes a focus on software-defined vehicles (SDVs) and advancements in battery technology. By prioritizing these areas, Hyundai Motor Group aims to drive innovation in the EV sector.
Creation of new jobs to drive future business growth
The conglomerate plans to create 80,000 new jobs, with a majority of them dedicated to promoting future business endeavors. Specifically, 44,000 new staff will be hired to work in electrification, SDVs, and initiatives related to carbon neutrality. This strategic move aligns with the group’s vision for sustainable growth.
Diverse portfolio under Hyundai Motor Group
Hyundai Motor Group comprises flagship Hyundai Motor and its affiliate Kia, collectively ranking as the world’s third-largest automaker by sales. In addition, the group includes automotive parts maker Hyundai Mobis and Hyundai Engineering & Construction, showcasing its diverse portfolio across various sectors.
($1 = 1,343.5000 won)
