Hyundai plans to invest $28 billion in electric vehicles over the next decade. It also said it would further restructure its struggling China business to focus on profitability
In its annual investor day on Tuesday, the South Korean automaker, the world's No. 3 auto group by sales together with its affiliate KiaIt would represent around one third of its total vehicle sales, up from 8% expected this year.
In the United States, its biggest market, EV production will account for three-quarters of its total vehicle production there by 2030 from just 0.7% now. Chang told investors that China, the world's largest vehicle market, had been very profitable up until 2016 but was now the biggest risk as the automaker had lost share to domestic rivals.
Hyundai sold one China plant in 2021 and plans to sell two more, including one that it shut down last year and another that it plans to close this year. The remaining two plants will be further rationalised and used for exports to emerging markets.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hyundai raises EV investment to $28 bln, to reduce China operationsHyundai Motor will raise average annual investment in electrification by nearly two thirds to $28 billion in the next decade and further restructure its struggling China business as part of a broader strategy to boost electric vehicle (EV) sales.
Read more »
J.Lo Says This $28 Mascara ‘Is The Most Important Part’ of Her Makeup Routine“Almost falsies but they’re YOURS,” wrote one shopper.
Read more »
Hyundai Motor to invest $85 bln by 2032 to accelerate EV plansSouth Korea's Hyundai Motor Co said on Tuesday it plans to invest about 109.4 trillion won ($85.4 billion) in the period through to 2032, allocating around a third to meet a 'seismic change' in the industry toward electric vehicles (EVs).
Read more »
Hyundai Talks Next-Gen IMA EV Platform, New Batteries, And Electric Pickup | CarscoopsThe Hyundai Motor Group is embracing EVs and aims to introduce 13 new models through 2030 car auto cars
Read more »
SAWS launches lawsuit over 2007 Medina Lake water agreementSince 2013, SAWS has paid the Bexar-Medina-Atascosa water control and improvement district more than $28 million for water it doesn't use.
Read more »
China’s top diplomat Wang: China has no room for compromise and concessions on Taiwan issueIn a scheduled meeting with US Secretary of State Antony Blinken, China’s top diplomat Wang Yi said that “China has no room for compromise and concess
Read more »