People walk through the Hyundai booth at the New York International Auto Show on March 27, in New York City.Hyundai Motor Group said on Wednesday it will invest 68 trillion won over three years in South Korea to ramp up electric vehicle production and new mobility business and separately hire 80,000 new employees, doubling down at a time when other established auto makers are slowing efforts.
In the U.S., Hyundai said in November it was investing $12.6 billion for new dedicated EV and battery manufacturing facilities in Georgia – the largest investment outside South Korea. In 2021, General Motors said it planned to spend more than $35 billion on EV projects through 2025, and would prioritize accelerating EVs over near term profits. But last year, the U.S. auto maker delayed a planned electric truck factory and slashed its projected EV output.
Munoz said Hyundai also sees a slowdown in the pace of electrification, but added the Korean auto maker will maintain its plans but remain flexible, including the rollout of plug-in hybrid vehicles. Hyundai expects to begin producing EVs in Georgia in October to allow them to qualify for $7,500 tax credits under the Inflation Reduction Act – ahead of its initial schedule, Munoz said. Hyundai, which saw U.S. EV sales double last year, will soon announce what EVs it will build in Georgia, he added.