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Hyundai, a leading manufacturer in South Korea, recently announced a significant investment of over $50 billion in the country by 2026. The majority of this investment will be focused on advancing the development and production of electric vehicles. Despite being the third largest automotive group globally in terms of sales, Hyundai and its subsidiary Kia have been lagging behind competitors like Tesla and BYD in the electric vehicle sector. The company aims to become a top player in this market and has set a target of producing 3.6 million electric models by 2030.
Hyundai is looking to secure future growth opportunities in a changing business environment through innovation with its recent announcement of the $50.5 million investment. A major portion of the investment, around 63%, will be allocated to the automotive sector, including future mobility products. The plan involves creating 80,000 new jobs in South Korea and building three new electric vehicle factories to increase domestic production to 1.51 million units by 2030. Additionally, the group’s electrification strategy includes investments in infrastructure, battery technology, software, and autonomous driving.
The company’s expansion into SUV models has also been met with controversy from environmental organizations such as Greenpeace due to concerns about increased carbon emissions from these vehicles. However, Hyundai has responded by emphasizing its commitment to sustainability with its range of “all-electric SUV vehicles.” These include models like the Kia EV6 and EV9 that prioritize cost savings while reducing noise levels and promoting environmental sustainability.
In addition to its focus on electric vehicles, Hyundai is also exploring new leisure activities such as casino gaming through its entertainment offerings. With options such as online gaming platforms and casinos that provide historical significance for visitors to explore, Hyundai is working towards providing families with diverse entertainment options that enhance their leisure experiences.
Overall, Hyundai is taking a forward-thinking approach to innovation and growth with its investments in both electric vehicles and leisure activities while remaining committed to sustainability practices within all aspects of its business operations.