South Korea-based automaker Hyundai has announced that it has increased its investment target for electrification to about $28 billion (35.8 trillion South Korean won) over the next 10 years.
In the statement made by Hyundai, the company’s medium and long-term business and financial plans were shared.
In the statement, it was reported that Hyundai will increase its annual electric vehicle sales target to 2 million units by 2030.
In the statement, which stated that the global electric vehicle demand increased faster than the market forecasts, it was reminded that the previous sales target for electric vehicles was 1.87 million units.
In the statement, it was stated that the company will accelerate its progress towards becoming a smart mobility solution provider by investing approximately $85 billion (109.4 trillion South Korean won) in the next 10 years, in this context, approximately $28 billion will be spent on electrification, $7 billion (9.4 trillion South Korean von ) will be devoted to battery development activities.
Hyundai announced last year that it will invest a total of 19.4 trillion South Korean won in electrification.
In the statement, it was noted that the remaining source within the scope of the said investment will be allocated to increase the electric vehicle production capacity by developing new vehicle architectures.