Hyundai to invest $51bn over three years in infrastructure and EVs

South Korea's Hyundai Motor Group said on Wednesday it will invest 68-trillion won ( about R968,558,850,000) over three years to bolster its growth potential in electric vehicles and new mobility business and separately hire 80,000 new employees.

More than half the investment, or 35.5-trillion won (about R500,386,700,000), will be allocated for new research and development infrastructure and assembly lines for electric vehicles, the group said.

Another 31.1-trillion won (about R438,188,321,504) will be slated for research and development in electric vehicles, including software-defined vehicles (SDVs) and battery technology, it said.

Most of the new jobs created will be to promote future business, with 44,000 new staff in electrification, SDVs and carbon neutrality, it said.

Hyundai Motor Group includes flagship Hyundai and its affiliate Kia, which together are the world's number three carmaker by sales.

Automotive parts maker Hyundai Mobis and Hyundai Engineering & Construction are also under the conglomerate.