SEOUL (Reuters) – South Korea’s Hyundai Motor Co plans to invest about 95.5 trillion won ($79.21 billion) through 2030, the company said on Wednesday, including about 19.4 trillion won towards electric vehicles (EV).
In late 2020, Hyundai Motor, which together with affiliate Kia Corp is among the world’s top 10 biggest automakers by sales, said it would target a share of 8% to 10% of the global EV market by 2040.
In January, Hyundai and Kia forecast a 12.1% jump in their combined global sales for 2022, after their sales fell almost 4% short of a target of 6.92 million vehicles last year due to the chip shortages.
Shares in Hyundai Motor was trading down 1.7% as of 0559 GMT, versus the benchmark KOSPI’s 0.5% rise.
(Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence Fernandez and Rashmi Aich)
