Hyundai raises EV investment to $28 billion, to reduce China operations

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.

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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.
Source: Reuters - 🏆 2. / 97 Read more »