Hyundai Motor Group Plans To Invest 68 Trillion Won Over a 3-Year Period

(CTN News) – It was announced on Wednesday that the Hyundai Motor Group will invest 68 trillion won ($51 billion) over three years to help boost its potential growth in electric vehicles and new mobility business, as well as hiring 80,000 new workers separately.

A statement released on Monday by the group stated that nearly half of the investment, or 35.5 trillion won, will be allocated to new research and development infrastructure as well as assembly lines for electric vehicles.

Moreover, the report on the industry indicates that another 31.1 trillion won will be allocated for research and development of electric vehicles, including software-defined vehicles (SDVs) and battery technology, as part of the government’s effort.

There will be 44,000 new jobs being created in the electrification sector alone over the next few years, along with thousands of new jobs being created in SDVs and carbon neutrality, with most of these jobs being created in the electrification sector.

With two major divisions within the Hyundai Motor Group, Hyundai Motor and its affiliate Kia, the company is able to boast the world’s third largest automobile manufacturer by sales as a result of its combined efforts.

As well as Hyundai Mobis, Engineering & Construction is a company that provides engineering services, and Hyundai Mobis is a manufacturer of automotive parts that is owned by the company.

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