Hyundai Motor, one of the world's biggest automakers, plans to invest $85.4 billion by 2032, with approximately one-third allocated towards electric vehicles (EVs), according to a statement released on Tuesday.
The company aims to increase the production of EVs in the United States, targeting that EVs will account for 75% of its US production by 2030, up from 0.7% currently.
Hyundai plans to spend $32.8 billion on EVs by 2032, with the goal of selling two million units annually by 2030. The company also plans to invest $8.2 billion to enhance its competitiveness in batteries and develop next-generation batteries. Hyundai aims to achieve an operating profit margin of 10% or higher in the EV business by 2030.
