Hyundai’s $50 Billion Investment in Electric Vehicles: The Road to Becoming a Top Player in the Market

Hyundai, a leading manufacturer in South Korea, recently announced a significant investment of over $50 billion in the country by 2026. The majority of this investment will be focused on advancing the development and production of electric vehicles. Despite being the third largest automotive group globally in terms of sales, Hyundai and its subsidiary Kia have been lagging behind competitors like Tesla and BYD in the electric vehicle sector. The company aims to become a top player in this market and has set a target of producing 3.6 million electric models by 2030.

With the recent announcement of the $50.5 million investment, Hyundai is looking to secure future growth opportunities in a changing business environment through innovation. A major portion of the investment, around 63%, will be allocated to the automotive sector, including future mobility products. The plan involves creating 80,000 new jobs in South Korea and building three new electric vehicle factories to increase domestic production to 1.51 million units by 2030. Additionally, the group’s electrification strategy includes investments in infrastructure, battery technology, software, and autonomous driving.

Despite environmental concerns raised by organizations like Greenpeace regarding increased sales of SUV models by Hyundai-Kia group, the company has expanded its range of “all-electric SUV vehicles.” These electric models prioritize savings, noise reduction, and environmental sustainability. With a commitment to innovation and sustainability, Hyundai is striving to make a mark in the rapidly evolving electric vehicle market.

In addition to its focus on electric vehicles, Hyundai is also exploring the potential of casino gaming in its leisure and entertainment offerings. With a number of entertainment options like casino experiences and online gaming platforms