Hyundai Motor to invest $85.41 bln by 2032 to accelerate EV plans
The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Photosaid on Tuesday it plans to invest about 109.4 trillion won in the period through to 2032, allocating around a third to meet a "seismic change" in the industry toward electric vehicles .
"Hyundai Motor is leveraging its heritage of innovation and knowledge accumulated over a long period of time ... amidst seismic change in the industry with competition intensifying in a bid for leadership in the electric vehicle market," the company said on its investor day. Hyundai Motor said it plans to introduce competitive lithium-iron-phosphate batteries with increased energy density and improved low-temperature efficiency for the first time around 2025.Other plans, include collaboration with specialised companies and startups, as well as establishing joint ventures with battery companies to ensure stable supply.
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