Hyundai plans to invest USD 16 billion to target 7% EV market share by 2030

Hyundai Motor Co, a South Korean company, announced on Wednesday, it is planning to invest over USD 16 billion in electric vehicles to solidify its position in the EV market and target to hold a significant global EV market share of 7% by 2030.

Hyundai planned to invest a total of around USD 80 billion by 2030 and targets to sell 1.87 million electric vehicles annually by 2030. It includes 17 new BEV models, 11 Hyundai models, and six genesis luxury brands.

Jaehoon Chang, The President and CEO of Hyundai, and other executives shared the investment plan with their stakeholders and investors at the “2022 CEO Investor Day” virtual forum. He also shared the financial strategy and the sales target to be achieved by 2030.

The company also explained its mid to long-term financial goals. The company plans to invest a total of around USD 80 billion for its future business plans by 2030, which include USD 16 billion for its electric vehicles and around USD 10 billion in its software capabilities.

Jeahoon said, “Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic”.

Jeahoon said Hyundai was considering building new dedicated electric vehicle production plants without proving the details of the new factories, including locations and timeline. The analyst said that Hyundai is on the way to solidifying its position in the EV market by building new dedicated EV plants in the United States and targets to hold a significant EV market share of 7% in next upcoming years.

Hyundai’s $16 billion investment in the EV business is not to be considered an “aggressive” approach compared to its rivals, as recently, Toyota Motor Corp., which plans to invest around USD 70 billion for electrification by 2030.