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Hyundai Motor Group plans to invest 68 trillion won (approximately US$51 billion) in South Korea within three years to expand electric vehicle production and new mobility businesses and hire 80,000 new employees. The company will focus on investing in electric vehicle R&D infrastructure and assembly lines.
The move is a doubling down of investment at a time when other companies are slowing production of electric vehicles. Hyundai Motor’s global chief operating officer said they are committed to accelerating electrification, with a special focus on the U.S. market. Hyundai Motor Group, the world’s third-largest automaker, will continue to invest in electric vehicles but will remain flexible.
(Source: Reuters Image source: Unsplash)
