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Hyundai to Invest Record $16.7 Billion in South Korea, Marking 19% Increase for Future Growth

Jan 9, 2025, 02:17 AM

Hyundai Motor Group has announced a record-breaking investment of 24.3 trillion won ($16.7 billion) in South Korea for 2025, marking a 19% increase from last year’s investment of 20.4 trillion won. The investment aims to bolster future growth drivers and competitiveness amidst global economic uncertainties. Of the total amount, 11.5 trillion won will be allocated to research and development (R&D) for next-generation vehicles, software-defined vehicles, electric vehicle (EV) advancements, and hydrogen-powered technologies. Another 12 trillion won will be used for production facility upgrades, including EV production lines, while 800 billion won is earmarked for strategic investments in artificial intelligence (AI) and autonomous driving technologies. Hyundai plans to expand its EV lineup to 21 models by 2030, while its affiliate Kia aims to launch 15 EV models by 2027. The group also plans to complete new EV production facilities, including Kia's Hwaseong EVO Plant and Hyundai's EV-only plant in Ulsan, located 305 km southeast of Seoul. The Hwaseong facility will produce purpose-built vehicles (PBVs), which can serve as tailored spaces like restaurants or clinics. The announcement underscores Hyundai's commitment to innovation and resilience, as highlighted in Euisun Chung's New Year address to employees.