By 2030, the company plans to produce up to 2 million electric cars per year.
South Korean car giant Hyundai Motor on June 20 presented an ambitious investment and production program for the long-term period until 2030-2032. The total amount of investment, which will be aimed at developing new technologies, smart systems, low-carbon energy, including hydrogen solutions, will be 109.4 trillion won (about $85.4 billion). Of this amount, 35.8 trillion won ($28 billion) will be allocated for the design, development and production of new electric vehicles.
As a result, the company plans to achieve annual production of 2 million electric vehicles by 2030. So far in 2022, Hyundai's electric car sales totaled 510,000 units, a 40% increase over the previous year.
In addition, Hyundai announced its intention to reduce its presence in the Chinese automobile market and focus on three key markets: the U.S., Europe and South Korea. After selling one of its plants in China in 2021 and closing another in 2022, Hyundai plans to stop production at another plant this year. The two plants where production is already suspended will be sold, while production at the remaining two will be optimized. At the same time, Hyundai will reduce the number of models sold in China from 13 to eight, focusing on the SUV segment and the Genesis lineup.
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