Hyundai to invest $16bn by 2030 in EV push
Automotive giant Hyundai is set to invest more than $16bn by 2030 in its electric vehicle (EV) businesses.
The push – which is part of a wider set of investments worth $79.2bn – will help the Korean car maker to achieve a 7 per cent share in the global electric car market by 2030.
“Hyundai is successfully accelerating 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’s chief executive Jaehoon Chang told investors today, adding that the company aims to sell 1.87 million electric cars per year.
According to analysts, Hyundai’s EV push is not as aggressive as the car maker thinks it is, especially if compared with competitors such as Toyota.
To rival market players, the Japanese colossus said in December it would invest $35bn in EV development by 2030, aiming to sell 3.5 million battery EVs per year, Morning Wire reported.