Hyundai announced a massive $50 billion (68 trillion won) investment to secure its position as the auto market transitions to EVs. The Korean automaker will hire 80,000 people in Korea to help it become a top-three EV maker by 2030.
Hyundai plans +$50 billion investment amid EV shift
Hyundai’s new investment is to “secure future growth engines,” including EV tech and software-defined vehicles (SDVs).
Over half of the investment (35.5 trillion won/ $26 billion) will be used for R&D on EV infrastructure and manufacturing to “dominate core technologies.” Another 31.1 trillion won will be used for R&D for EVs, SDVs, and battery tech.
Hyundai will also use the funding to expand EV-specific factories, IT capabilities, and joint investments in affiliates.
The company will first make a “large investment” in a new EV-specific factory. In Q2, Kia’s EV plant in Gwangmyeong will be complete, enabling Kia’s affordable EV3 to go on sale in Korea and overseas.
In the second half of 2025, Kia’s Hwaseong EV plant will begin producing custom PBV electric vehicles.
Kia EV lineup from left to right: EV6, EV4, EV5, EV3, EV9 (Source: Kia)
Hyundai’s new Ulsan EV plant will begin production in the first quarter of 2026, starting with the “Ultra-large” Genesis electric SUV. Once up and running, the plant is expected to produce 200,000 EVs annually.
Genesis unveiled its first full-size luxury electric SUV, the Neolun Concept, earlier this week. The sleek electric SUV will serve as Hyundai’s tech beacon.
Genesis Neolum full-size electric SUV concept (Source: Hyundai Motor)
Hyundai’s luxury brand also announced a new high-performance brand, Magma, that will rival Mercedes-AMG.
The Korean automaker, currently the third-largest globally (including Kia and Genesis), aims to be a top-three EV maker by 2030.
Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)
By then, Hyundai plans to have 31 electric vehicles with 1.51 million annual domestic EV production capacity. Hyundai is already seeing success with its dedicated EV platform (E-GMP) underpinning the IONIQ 5, IONIQ 6, Kia EV6, and Genesis GV60.
Hyundai is set to unveil its first three-row electric SUV, the IONIQ 9, later this year. Ahead of its debut, we got a sneak peek of the EV testing in public.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
