South Korea’s Hyundai Motor said it planned to invest about 95.5 trillion won ($79.21 billion) through 2030, including about 19.4 trillion won ($16.10 billion) towards electric vehicle (EV) related businesses.
Hyundai Motor, which together with affiliate Kia Corp is among the world’s top 10 biggest automakers by sales, targets to achieve a 7% market share in the global EV market by 2030, with an annual sales target of 1.87 million vehicles, the automaker said during a virtual investor day.
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The Seoul-based automaker said in a statement that it aimed to achieve an operating profit margin of 10% or higher in EV business by 2030.
“Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic,” Hyundai Motor Chief Executive Officer, Jaehoon Chang, said.