Hyundai plans $51 billion investment in EVs, software-defined vehicles over 3 years

SEOUL — Hyundai Motor Group will invest 68 trillion won ($51 billion) over three years to bolster its growth potential in electric vehicles and new mobility business and separately hire 80,000 new employees.

More than half of the investment, or 35.5 trillion won, will be allocated for new R&D infrastructure and assembly lines for EVs, the group said in a statement.

Another 31.1 trillion won will be slated for R&D in EVs, including software-defined vehicles (SDVs) and battery technology, it said.

A majority of the new jobs created will be to promote future business, with 44,000 new staff in electrification, SDVs and carbon neutrality, it said.

Hyundai Motor Group includes Hyundai and its affiliate Kia, which together are the world's number three automaker by sales.

Automotive parts maker Hyundai Mobis and Hyundai Engineering & Construction are also part of the conglomerate.