TECH - What EV Slowdown? Asian Auto Giant Plans To Invest $50B To Ramp Up Production And Hire 80K Employees | Benzinga
South Korean automaker Hyundai Motor (OTC:HYMTF) has reportedly announced a substantial investment of 68 trillion won, or about $50 billion, in South Korea over the next three years to bolster electric vehicle (EV) production.
What Happened: More than half of the investment will be channeled into research and development infrastructure and assembly lines for EVs, Reuters reported. The company will also hire 80,000 new employees, it added.
“We are doubling down on electrification,” stated Jose Munoz, Hyundai’s global Chief Operating Officer. “We’re very committed to the United States market.”
Hyundai Motor includes both Hyundai and its affiliate Kia.
Why ...