Hyundai to invest $85.41bn by 2032 to accelerate EV plans

South Korea's Hyundai plans to invest about 109.4-trillion won (R1.55-trillion) in the period through to 2032, the company said on Tuesday, including around 35.8-trillion won (R508.10bn) allocated for electric vehicles (EVs).

Hyundai, which together with affiliate Kia is among the world's 10 biggest carmakers by sales, also said in a statement for the company's investor day that it plans to lift localisation of EV production in the US, its biggest market, by increasing the share of output from 0.7% to 75% by 2030.

The carmaker is targeting the sale of 2-million EV units annually by 2030 and aims to achieve a more than 10% profitability rate for EVs in the same year.