Hyundai explains how it plans to become one of the worlds top three EV makers by 2030
Summary
Hyundai eventually wants to penetrate Chinas consumer market, where the companys exposure is "very much limited at this moment," said Chang. Chinas EV sales are expected to hit more than 8 million units in 2023, according to Counterpoint Research. And the next step should be our focus on the product portfolio, which should be attractive to local customers with the comparable software functions, as well as hardware and design features," said Chang. Domestically, Hyundai said it plans to invest 24 trillion won in South Koreas EV industry by 2030. The investment is also being driven by the U.S. Inflation Reduction Act, which offers $7,500 tax credits if the vehicle and its batteries are assembled in the U.S. Hyundai currently has no EV plant in the U.S.