Hyundai To Focus On Electric Vehicles in $52 Billion Investment Plan

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  • The company has set a deadline of 2025 to put itself among the world’s top three makers of battery and fuel cell vehicles
  • It also aims to cut raw material costs by 34.5 trillion won through 2022

According to a report by Reuters, Hyundai Motor is planning to invest about 61.1 trillion won ($51.81 billion) between 2020 and 2025 with one-third of the investment focused on electric and autonomous vehicles. As per the report, the car maker unveiled “Strategy 2025” that visualises an annual average spending of 10 trillion won which will exceed 2018’s figure of 6.1 trillion won.

Reach an annual sales figure of 670,000 electric vehicles by 2025

The report said that Hyundai aims to invest 20 trillion won of the total investment to future technologies spread across 6 years. As per the report, the company has set a deadline of 2025 to put itself among the world’s top three makers of battery and fuel cell vehicles. It aims to reach an annual sales figure of 670,000 electric vehicles which includes 560,000 battery-based cars. It also aims to cut raw material costs by 34.5 trillion won through 2022.

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