According to a filing with the stock exchange on Thursday, Hyundai Motor will invest 10.5 trillion won ($8.5 billion) over the period of 2023 as it works to electrify more of its fleet to satisfy growing consumer demand for cleaner vehicles. The South Korean manufacturer, whose fourth-quarter earnings above analyst expectations, is likewise aiming for revenue growth of up to 11.5% this year.
Hyundai made a novel decision for a vehicle manufacturer by increasing payouts as well. The manufacturer of the Tucson SUV, Sonata sedan, and Ioniq electric cars stated earlier this month that it aimed to sell 4.3 million cars globally this year, which would be an increase of approximately 10% from the previous year.
Affiliate The Sportage SUV and the Carnival people mover are produced by Kia Corp, which also plans to boost its sales by 10% to 3.2 million units by 2023. Hyundai and Kia are the third-largest automaker in the world, after Volkswagen AG and Toyota Motor Corp. Volkswagen and Tesla are both increasing production. Elon Musk’s EV pioneer announced Wednesday in the US that it would accelerate production “as rapidly as possible” in the wake of reporting better-than-anticipated profits.
The introduction of the Ioniq 5 EV in India has been announced by Hyundai Motor. The company has not yet disclosed the car’s pricing, although it is currently available for reservation for Rs 1,000,000.
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