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Top related persons:
1,280.8200 - 2 Hyunsu Yim - 2 Ed Davies - 2 Heekyong Yang - 1 Jacqueline Wong - 1
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SEOUL KS United States Seoul China
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Hyundai - 2 Kia Corp - 2 Thomson - 2 EVs - 1 Hyundai Motor - 1

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☆ Hyundai Motor to invest $85 bln by 2032 to accelerate EV plans
  + stars: | 2023-06-20 | by ( Hyunsu Yim Heekyong Yang | Hyunsu Yim | Heekyong Yang | ) www.reuters.com   time to read: +2 min
The car maker said it plans to spend about 35.8 trillion won on EVs in the period to 2032, targeting the sale of 2 million EV units annually by 2030. To enhance its competitiveness in batteries and develop next-generation batteries, Hyundai Motor plans to invest 9.5 trillion won over the next 10 years, it said in the statement. Hyundai Motor said it plans to introduce competitive lithium-iron-phosphate (LFP) batteries with increased energy density and improved low-temperature efficiency for the first time around 2025. In China, Hyundai Motor said it will halt production at another plant this year following the shutdown of its fifth plant. It also plans to reduce the available model numbers from 13 to eight to focus on SUVs and Genesis luxury brand models.
Persons: 1,280.8200, Hyunsu Yim, Heekyong Yang, Ed Davies, Jacqueline Wong Organizations: Hyundai, Kia Corp, EVs, Hyundai Motor, Thomson Locations: SEOUL, KS, United States, Seoul, China
☆ Hyundai Motor to invest $85.41 bln by 2032 to accelerate EV plans
  + stars: | 2023-06-20 | by ( ) www.reuters.com   time to read: 1 min
SEOUL, June 20 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) plans to invest about 109.4 trillion won ($85.41 billion) in the period through to 2032, the company said on Tuesday, including around 35.8 trillion won allocated for electric vehicles (EVs). Hyundai Motor, which together with affiliate Kia Corp (000270.KS) is among the world's 10 biggest automakers by sales, also said in a statement for the company's investor day that it plans to lift localisation of EV production in the United States, its biggest market, by increasing the share of output from 0.7% to 75% by 2030. The carmaker is targetting the sale of 2 million EV units annually by 2030 and aims to achieve a more than 10% profitability rate for EVs in the same year. ($1 = 1,280.8200 won)Reporting by Hyunsu Yim Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.
Persons: 1,280.8200, Hyunsu Yim, Ed Davies Organizations: Hyundai, Kia Corp, Thomson Locations: SEOUL, KS, United States
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