Hyundai Motor plans to invest $16 billion in EV push

Hyundai Motor said on Wednesday it thought of investing about 95.5 trillion won ($79.21 billion) through 2030, including about 19.4 trillion won ($16.10 billion) for electric vehicle (EV) related businesses.

Hyundai Motor, along with the affiliate Kia Corp, is one of the world’s top 10 biggest automakers by sales, targets to achieve a 7% market share in the worldwide EV market by 2030, with the yearly sales target of 1.87 million vehicles, the automaker said during a virtual investor day.

The Seoul-based automaker said it is set to achieve an operating profit margin of 10% or more in EV business by 2030.

“Hyundai is successfully speeding up 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,” Hyundai Motor’s CEO Jaehoon Chang said.

Chang said the automaker was thinking about building new dedicated EV production plants without offering details of new factories and their locations.