Hyundai Motor to invest $79.2b in Eight Years 

South Korea’s Hyundai Motor said on Wednesday it planned to invest about 95.5 trillion won ($79.21 billion) through 2030, including about 19.4 trillion won ($16.10 billion) towards electric vehicle (EV) related businesses.

Hyundai Motor, which together with affiliate Kia Corp is among the world’s top 10 biggest automakers by sales, targets to achieve a 7per cent market share in the global EV market by 2030, with an annual sales target of 1.87 million vehicles, the automaker said during a virtual investor day.

Reuters report that the Seoul-based automaker said it aimed to achieve an operating profit margin of 10per cent or higher in EV business by 2030.

“Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic,” Hyundai Motor Chief Executive Officer Jaehoon Chang said.