Hyundai plans to invest US$50 billion to increase annual production to 1.51 million vehicles
Hyundai Motor and its subsidiary Kia Motors are the world's third-largest automaker by sales, but the South Korean giant trails Elon Musk's Tesla and Chinese automaker BYD in electric vehicles. .
Hyundai Motor Co., which aspires to join the world's top three electric vehicles, said last year it aimed to increase production of electric vehicles to more than 3.6 million vehicles by 2030.
Hyundai Motor Group hopes to "secure a future growth engine in an uncertain business environment through continuous change and innovation." Through this plan, Hyundai will create 80,000 jobs in South Korea and build three new electric vehicle factories. The goal is to increase the company's annual electric vehicle production in South Korea to 1.51 million units by 2030. In addition to this, the group's electric vehicle strategy also includes investments in infrastructure, software, battery technology and autonomous driving.
Greenpeace said in a report released in November that Hyundai's growing sales of gas-guzzling SUVs were offsetting the climate benefits of its shift to electric vehicles. The organization noted that sales of Hyundai and Kia SUVs have increased by more than 150% over the past decade. SUVs emit about 12% more carbon dioxide than cars, so the organization called on Hyundai to reduce the sales of SUVs.
Asked about the reports, Hyundai said the group was expanding its fleet of "pure electric SUVs" to include Kia's EV6 and EV9.
