SEOUL — South Korea’s Hyundai Motor said on Tuesday that it will invest 109.4 trillion won ($85.1 billion) by the end of 2032, with a third of that spent on accelerating its electric vehicle business.
Hyundai, the world’s third-largest automaker in tandem with affiliate Kia, said that it will allocate 35.8 trillion won of the funds for the transition to electrification, including 9.5 trillion won for battery development. The latest investment plan marks an update from a 2022 announcement that the company would spend 95.5 trillion won by the close of 2030.
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