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Hyundai Invests $16 Billion To Build More EVs

May. 29, 2022 7:26 PM ET by Chase Bierenkoven Electric Vehicles / 4 Comments Hyundai wants more EVs in more places and is spending the money to do it. The auto industry is, very obviously, a competitive one. You could easily argue that's been stepped up since electric vehicles went mainstream. At least, mainstream as compared to five years ago. Hyundai is looking to step up its electric vehicle game now too. Not that things have been going poorly over in Korea. The makers of the Hyundai Ioniq 5 and Kona Electric have done well for themselves. Both the 5 and its twin, the Kia EV6, have seen solid success in the space. However, "solid" isn't enough. So, Hyundai is dropping a cool $16.5 billion on further electrification. That's also in line with the brand's green strategy, which aims to make the brand more carbon neutral as the years pass. Mind you, this isn't being spent all at once. That huge sum will be spread out across eight years. Hyundai Hyundai Hyundai Hyundai The group, which also includes both Kia and luxury arm Genesis, is shooting for 1.4 million EVs in South Korea by 2030. A chunk of that money will be spent hitting that seven-figure target. That figure is also part of a larger plan, which consists of selling 3.2 million electric cars globally. If all these figures sound vaguely familiar, you'd be right. Just about every automaker and their mother is switching to a heavily, if not fully-electric portfolio within the coming decades. It's not just South Korea that's getting more Hyundai and Kia-branded electric vehicles. The Hyundai Motor Company plans to step up its American presence as well. That includes a $5.5 billion investment in facilities here in the States, specifically Georgia, now home to upmarket brand Rivian. These US-based factories are set to start producing soon, ideally unimpeded by current supply shortages, to the tune of roughly 300,000 vehicles yearly. Hyundai Hyundai Hyundai Hyundai With that kind of capital and production capacity, we're expecting to see Hyundai become a significantly more prominent player in the electric vehicle space. Right now, the EVs market is largely centered upstream from the majority of US buyers. While that's starting to change with vehicles like the F-150 Lightning and Ioniq 5, it's still slow going for those not willing to lease a car for a five-figure monthly payment. With any luck, investment on this scale from Hyundai Motor Co. will change that. It won't be a rapid change by any means, but one that should mean access to electrified options for a broader spectrum of consumers. Kia Kia Kia Kia

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Hyundai Ioniq 5 Hyundai Kona Electric Chase Bierenkoven Associate Editor Shortly before applying to law school, Chase decided to take a chance on pursuing his dream job: playing with cars and getting paid for it. Law school was just a means to an end, after all. His first writing job was freelance and barely paid his grocery bill. It quickly turned into a full-time position, eventually leading Chase to join CarBuzz in 2022. Chase now tests cars, and sits comfortably at the news desk when he's not in the driver's seat. In his spare time, Chase can be heard trying to play guitar, or out enjoying Colorado's natural splendor in his BMW M3. Contact Chase @bierenkoven @cbier823 LoginSign Up Home News Features Car Reviews Car Advice 2021 CarBuzz Awards New Cars Used Cars Future Cars Compare Cars Sell My Car Car Dealerships Buy Here Pay Here Used Car Reviews Popular Tags Cars # Video # TOP # Spy Shots # Reveal # Rumor # Auto Show # Supercar # Tuning # Car Culture # Industry News # Motorsport Acura Alfa Romeo Aston Martin Audi Bentley BMW Bollinger Bugatti Buick Cadillac Caterham Chevrolet Chrysler Dodge Ferrari Fiat Fisker Ford Genesis GMC Hennessey Honda Hyundai Infiniti Jaguar Jeep Karma Kia Koenigsegg Lamborghini Land Rover Lexus Lincoln Lordstown Lotus Lucid Motors Maserati Mazda McLaren Mercedes-Benz Mini Mitsubishi Nissan Pagani Polestar Porsche Ram Rimac Rivian Rolls-Royce Spyker Subaru Tesla Toyota Volkswagen Volvo By Make Acura Alfa Romeo Aston Martin Audi Bentley BMW Bollinger Bugatti Buick Cadillac Caterham Chevrolet Chrysler Dodge Ferrari Fiat Fisker Ford Genesis GMC Hennessey Honda Hyundai Infiniti Jaguar Jeep Karma Kia Koenigsegg Lamborghini Land Rover Lexus Lincoln Lordstown Lotus Lucid Motors Maserati Mazda McLaren Mercedes-Benz Mini Mitsubishi Nissan Pagani Polestar Porsche Ram Rimac Rivian Rolls-Royce Spyker Subaru Tesla Toyota Volkswagen Volvo By Car Type SUVs Crossovers Sedans Coupes Trucks Sports Cars Wagons Vans Hatchbacks Convertibles Small Cars Luxury Cars Electric Cars Hybrid Cars Future Cars By Price Up to $15K $15K - $25K $25K - $35K $35K - $45K $45K - $55K $55K - $75K $75K - $100K $100K - $200K $200K - $300K Above $300K Back To Top