Hyperdrive
Hyundai Commits to $18 Billion Spend in Shift to Electric Cars
Hyundai said that by 2030, it expects to have 31 EV models across its suite of brands.
Photographer: Anindito Mukherjee/BloombergThis article is for subscribers only.
Hyundai Motor Group has committed to a spend of around 24 trillion won ($18.2 billion) by 2030 as it seeks to increase production of electric vehicles.
The group, which also set itself a goal of becoming one of the world’s top three EV makers, plans to boost its annual output of electric cars in Korea to 1.51 million units by end of this decade, or about 40% of estimated global EV production of 3.64 million, according to an e-mailed statement Tuesday.