Hyundai to allocate $50 billion towards electric vehicle development

Hyundai announced on Wednesday an investment of over $50 billion in South Korea by 2026, with a focus on enhancing the development and production of electric vehicles. The South Korean company, along with its subsidiary Kia, is the third-largest automotive group in sales globally but is lagging behind in the electric vehicle sector compared to competitors like Tesla and BYD. Their goal is to be among the top three in the world in this sector and increase production to 3.6 million electric models by 2030.

With a 68 trillion won ($50.5 billion) investment, Hyundai aims to secure future growth drivers in a changing business environment through innovation. The plan involves creating 80,000 jobs in South Korea and building three new electric vehicle factories to increase domestic production to 1.51 million units by 2030. The group’s electrification strategy also includes investments in infrastructure, software, battery technology, and autonomous driving.

Despite their efforts towards electric vehicles, a Greenpeace report highlighted that Hyundai’s sales of sports utility vehicles (SUVs) had offset the environmental benefits of their electric transition. SUVs emit about 12% more carbon dioxide than sedans. Hyundai responded by expanding its range of all-electric SUVs like the Kia EV6 and EV9. They emphasize the savings, noise reduction, and environmental benefits of these vehicles.

In addition to these developments, Hyundai has also focused on creating a memorable experience for families in their casinos through entertainment options. Exploring the heritage of the PinUp Casinos and maximizing the gaming experience through mindful gaming strategies are some of the aspects highlighted in their initiatives. The social significance of casinos, the role of casinos in the entertainment sector, and the vibrant world of betting in India are also key areas of exploration for Hyundai.