Hyundai will invest more than $50 billion in South Korea by 2026, largely to promote the development and production of electric vehicles.
Hyundai, also considering its subsidiary Kia, is the third largest car manufacturer in the world in terms of sales, but the South Korean giant is lagging behind in the electric vehicle sector, dominated by the Chinese manufacturer BYD.
Hyundai, which aims to enter the world's top three in electric vehicles, announced last year its goal to increase annual production in this sector to over 3.6 million units by 2030.
With this new investment of 68 trillion won (50.5 billion dollars), Hyundai Motor Group says it wants to "ensure growth in an uncertain economic context, through a policy of constant evolution and innovation".
Under the plan, Hyundai will create 80,000 jobs in South Korea and build three new electric vehicle factories, which is expected to increase annual electric vehicle production in the country to 1.51 million units by 2030.
The group's electric vehicle strategy also includes investments in infrastructure, software, battery technology and autonomous driving.
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