Hyundai declares target of selling 2 mn EVs by 2030, to invest $85 bn

As global demand for electric vehicles grows faster than earlier estimates, Hyundai Motor Company has revised its sales target for the same. The company now aims to sell two million electric vehicles by 2030, Moneycontrol (MC) reported.

To this end, the company will invest $85 billion over the next ten years to achieve this target. New manufacturing plants will also be set up that will dedicatedly cater to EV production. The MC report said that many of these plants would increase their production capacity by leveraging Hyundai’s existing internal combustion engine (ICE) production line.