Hyundai Motor has recently announced plans to invest an estimated 18 billion dollars into the production of electric vehicles (EVs) in South Korea by 2030. This ambitious plan is one of the largest investments into the transition to EVs since the rise of the global climate crisis.
The company, which is one of the major carmakers in South Korea, is expected to roll out 31 electric models over the next 10 years. This is as part of their commitment to develop more sustainable forms of transportation. One of the vehicles included in this investment will be the all-electric GV80 SUV, which is expected to be released later this year.
The majority of the investment will be used to build an EV production facility in the country by 2021. This new facility will be able to handle the entire production process from designing to assembly of the vehicles. The company has also stated that the EVs developed at this facility will adhere to the most stringent safety standards in the industry.
Hyundai Motor believes this investment will put South Korea at the forefront of the transition to electric vehicles. The company also believes that it will help create new jobs, boost their home country’s economy, and hasten the transition to a greener future in the region.
This is not the first major investment made by the company into the EV market. Over the past few years, Hyundai Motor has invested heavily in the development of hydrogen-powered vehicles, autonomous driving technology, and other green initiatives.
The company is also working to reduce their respective carbon dioxide emission levels by 37.8 percent by 2030.
This investment from Hyundai Motor is just one step in the global fight against climate change. It is the largest EV-focused investment made by a single company, and shows that more and more people are focusing on the need to reduce our dependence on fossil fuels. With continued investment and development, the hope is that more people will be able to transition to greener modes of transportation in the coming years.
