Updated March 27th, 2024 at 08:41 IST

Hyundai Motor Group to invest $51 billion in three-year strategy

Over the next three years, Hyundai Motor Group plans to enhance its electric vehicle and new mobility business while recruiting 80,000 new employees.

Reported by: Business Desk
Hyundai | Image:Hyundai
Advertisement

Hyundai's three-year plan: Hyundai Motor Group has announced a substantial investment plan, earmarking 68 trillion won ($51 billion) over the course of three years. The aim is to fortify its position in the electric vehicles segment and emerging mobility ventures, alongside recruiting an additional 80,000 employees.

EV infrastructure development

A major portion of this investment, totalling 35.5 trillion won, will be directed towards establishing new research and development infrastructure as well as assembly lines dedicated to electric vehicles.

Additionally, 31.1 trillion won will be dedicated to research and development efforts, particularly focusing on electric vehicles, encompassing advancements such as software-defined vehicles (SDVs) and battery technologies.

Advertisement

Electrification talent pool

The recruitment drive will predominantly focus on boosting future-oriented business initiatives, with 44,000 of the new hires being allocated to roles in electrification, SDVs, and endeavours related to carbon neutrality.

Advertisement

Hyundai Motor Group comprises the leading Hyundai Motor and its affiliate Kia, collectively ranking as the world's third-largest automaker by sales volume. Within the conglomerate, automotive parts manufacturer Hyundai Mobis and Hyundai Engineering & Construction also fall under its umbrella.

(With Reuters Inputs)

Advertisement

Published March 27th, 2024 at 08:41 IST