As the auto industry shifts to electric vehicles, Hyundai announced a significant $50 billion (68 trillion won) investment to solidify its position. To help it become one of the top three EV manufacturers by 2030, the Korean automaker plans to hire 80,000 workers in Korea.

The goal of Hyundai’s latest investment is to “secure future growth engines,” which include software-defined vehicles (SDVs) and EV technology.

R&D on EV infrastructure and production to “dominate core technologies” will account for more than half of the spending (35.5 trillion won, or $26 billion). R&D for EVs, SDVs, and battery technology will cost an additional 31.1 trillion won.

The funds will also be used by Hyundai to increase its combined investments in affiliates, IT capabilities, and EV-specific manufacturing.

First, a “large investment” will be made by the corporation in a new factory dedicated to EVs. With the completion of its EV plant in Gwangmyeong, Kia will be able to sell its reasonably priced EV3 both domestically and internationally in Q2.

Kia’s Hwaseong EV plant will start manufacturing customized PBV electric cars in the second half of 2025.

Production of the “Ultra-large” Genesis electric SUV will commence in the first quarter of 2026 at Hyundai’s new Ulsan EV factory. The plant is anticipated to start producing 200,000 EVs a year once it is operational.

The Neolun Concept, Genesis’ first full-size luxury electric SUV, was unveiled earlier this week. Hyundai’s tech star will be the elegant electric SUV.

In addition, Hyundai’s premium brand unveiled Magma, a new high-performance brand that will compete with Mercedes-AMG.

Including Kia and Genesis, the Korean carmaker is presently the third-largest in the world. By 2030, it wants to be among the top three manufacturers of electric vehicles.

Hyundai intends to have 31 EVs by then, with a 1.51 million EV production capacity domestically. Hyundai’s dedicated electric vehicle platform (E-GMP), which powers the IONIQ 5, IONIQ 6, Kia EV6, and Genesis GV60, is already proving to be successful.

Later this year, Hyundai will launch the IONIQ 9, its first three-row electric SUV.