WionDrive News Desk 
South Korea’s Hyundai Motor Group has said that it will invest 68 trillion won (USD 51 billion) over three years in the country to ramp up electric vehicle production and new mobility business. The company will separately hire 80,000 new employees, doubling down on battery-powered vehicles at a time when other established automakers are slowing efforts in this direction.
More than half of the said investment, which is 35.5 trillion won, will be allocated for new research and development infrastructure and assembly lines for EVs. “We are doubling down on electrification,” Hyundai global Chief Operating Officer Jose Munoz said in an interview at the New York auto show. He added, “We’re very committed to the United States market.”
In November last year, the automaker had said that it will be investing USD 12.6 billion for new dedicated EV and battery manufacturing facilities in Georgia – the largest investment outside South Korea. Hyundai Motor Group includes Hyundai Motor and its affiliate Kia, which together are the world’s number three automaker by sales. Auto parts maker Hyundai Mobis and Hyundai Engineering & Construction are also under the conglomerate.
The new round of EV investments by Hyundai come at a time when rival automakers are slowing plans to expand EV production, and shifting capital to hybrid models or bigger share buybacks and dividends for investors. One such example is of General Motors (GM), which in 2021 had said that it planned to spend more than USD 35 billion on EV projects through 2025, and would prioritize accelerating EVs over near term profits. However, last year, the US automaker delayed a planned electric truck factory and slashed its projected EV output.
GM last year said it would spend USD 10 billion to buy back shares, and CEO Mary Barra has indicated there could be more buybacks. Stellantis has also promised to return more cash to shareholders rather than increase investments in EVs.
Another American automaker Ford, which three years ago outlined USD 30 billion in EV spending through 2030, has since slashed production plans for its F-150 Lightning electric truck and shifted workers to build more gasoline-powered Bronco SUVs.
