Hyundai Motor to invest $85.41 billion by 2032 to accelerate EV plans

South 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). Hyundai Motor, which together with affiliate Kia Corp is among the world’s 10 biggest automakers by sales, also said in a statement that it aims to lift the production of EVs in the United States, its biggest market. EVs will account for 75 per cent of its US production by 2030 from 0.7 per cent now.