Hyundai will invest $51 billion in EVs, software, employees and more

Hyundai Motor Group announced that it will invest 68 trillion won ($51 billion) to achieve growth in electric vehicles (EVs), software technologies, and future mobility.

The group includes affiliates – Hyundai Motor Co, Kia Corp., auto parts maker Hyundai Mobis Co., Hyundai Engineering & Constructions Co., and Hyundai Rotem Co.

It aims to complete the investment by the end of 2026.

Around 35.3 trillion won will be invested in the research and development of EVs and production facilities. That includes the construction of a new headquarters dubbed “Global Business Center (GBC)”.

Around 31 trillion won will go to research and development (R&D) units to improve the features and vehicle technology, electrification, software driving vehicles, and battery technology.

1.6 trillion won will be allocated for strategic investment in new mobility, software, and autonomous driving technology development.

EVs:

Electric cars and vehicles will get extra focus from the South Korean automaker with 31 EVs planned to release by 2030. Hyundai also wants to produce 1.51 million units of EVs per year by the end of this decade.

A strategic segment of the group wants to improve the development of SDVs. The company will launch a dedicated platform headquarters for its SDV projects.

New Employees:

Hyundai will add 80,000 new employees over the next three years. This includes 13,000 elderly and experienced workers. While a majority of the staff will go to the electrification, SDV, and carbon neutrality units.

Aside from these, the company is likely to create 118,000 contracted jobs in related companies.

Headquarters:

Hyundai also shared new updates on its global business center project. The automaker will build two 50-story buildings and annexed facilities for the new headquarters.

It will be located in Samseongdong, a neighborhood in Seoul’s business district in Gangnam. The project investment is 4.6 trillion won and its construction could start in the second half of 2025.

(source)