💰South Korean automotive giant #Hyundai announced that it will invest $50.4 billion in electric vehicles over the next three years and create 80,000 new jobs in its home country alone.
🔋Of this massive investment, $26 billion will be allocated to electric vehicle infrastructure and production R&D. The remaining portion will be directed towards factories exclusively producing electric vehicles, battery technology, and R&D for new car and software-focused platforms.
🟢As part of the investment plan, the factory that will initially produce Kia’s budget-friendly EV3 model will be operational this year. Next year, Hyundai Motor India Ltd.’s Hwaseong and Ulsan facilities will be completed.
🚗The giant manufacturer aims to increase the number of its electric models to 31 by 2030 and plans to raise its electric vehicle production capacity in South Korea alone to 1.51 million units.
