Hyundai plans $79.2 billion investment through 2030, to focus majorly on EVs

Hyundai has announced its plans to invest about 95.5 trillion won ($79.21 billion) through this decade with special attention on the electric vehicle segment that will include investments worth 19.4 trillion won. Hyundai is aiming to achieve around 8 to 10 per cent of the global EV market share by 2040.

Hyundai is aggressively pursuing its electrification goals and trying out methods to expand this segment. In a previous report, Hyundai stated it will start its operations in Japan again and this time will only sell EVs. It plans to sell its electric vehicles online. The company's CEO Jaehoon Chang said it is developing its EV plans for the Japanese market carefully. He also said the South Korean automaker is aiming to sell 1.7 million EVs around the world by 2026 which will also include its other brands, Kia and Genesis.

The automaker earlier this year conveyed it is going to speed up its electrification strategy and launch EVs for each of its brands. It launched Hyundai Ioniq 5, Kia EV6 and Genesis' GV60 last year. To achieve its goals, Hyundai has already begun an internal reorganisation within the company. It informed it has changed the name of the powertrain division to the electrification division and newly established battery development centre. The company also added instead of eliminating the engine development centre, it will put that under the electrification division.

Considering Hyundai's last year's sales, the company's global sales stood at 3.89 million compared to its predicted target of selling four million vehicles. The brand this year has aimed to achieve a sales target of 4.32 million vehicles. This year the company plans to focus on the expansion of its market share and will also strengthen its semiconductor supply.

(With inputs from agencies)