{"id":1951633,"date":"2023-06-20T07:19:02","date_gmt":"2023-06-20T11:19:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hyundai-raises-ev-investment-to-28-billion-to-reduce-china-operations\/"},"modified":"2023-06-20T07:21:03","modified_gmt":"2023-06-20T11:21:03","slug":"hyundai-raises-ev-investment-to-28-billion-to-reduce-china-operations","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hyundai-raises-ev-investment-to-28-billion-to-reduce-china-operations\/","title":{"rendered":"Hyundai boosts EV investment to $28B, trims China operations."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhyundai-raises-ev-investment-to-28-billion-to-reduce-china-operations%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1951633&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Hyunsu Yim and Heekyong Yang<\/p>\n<p><strong>Hyundai Motor to Invest $28 Billion in Electrification, Restructure China Business<\/strong><\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>In its annual investor day on Tuesday, the South Korean automaker, the world\u2019s No. 3 auto group by sales together with its affiliate Kia, said it also raised its EV sales target to 2 million units by 2030 from 1.87 million.<\/p>\n<p>It would represent around one third of its total vehicle sales, up from 8% expected this year.<\/p>\n<p>\u201cWith global EV demand growing faster than market forecasts, Hyundai Motor is raising its 2030 sales target,\u201d it said in a statement.<\/p>\n<p>To meet the target, Hyundai plans to boost local production of EVs in its three key markets of the United States, Europe and South Korea, as more countries roll out tax benefits and incentives for locally manufactured vehicles.<\/p>\n<p>In the United States, its biggest market, EV production will account for three quarters of its total vehicle production there by 2030 from just 0.7% now.<\/p>\n<p>While it raised EV sales targets in its major markets, Hyundai said it would further restructure its struggling China business to focus on profitability.<\/p>\n<p>Hyundai CEO Jaehoon Chang told investors that China, the world\u2019s largest vehicle market, had been very profitable up until 2016 but it was now the biggest risk as the automaker had lost market share to nimble domestic rivals.<\/p>\n<p>Hyundai sold one China plant in 2021 and plans to sell two more, including one that it shut down last year and another that it plans to close this year. The remaining two other plants will be further rationalised and used for exports to emerging markets.<\/p>\n<p>Its product line-up in China will also be reduced to eight from 13, focusing on high-end and SUV models including the Genesis luxury brand.<\/p>\n<p>To enhance its competitiveness in batteries and develop next-generation batteries, Hyundai Motor plans to invest 9.5 trillion won ($7.4 billion) over the next 10 years, it said.<\/p>\n<p>Hyundai Motor said it plans to introduce competitive lithium-iron-phosphate (LFP) batteries, a cheaper alternative to lithium ion batteries that have spurred EV adoption in China, for the first time around 2025.<\/p>\n<p>Its bigger rival Toyota also announced last week a plan to use LFP batteries to offer a broader range of battery options.<\/p>\n<p>Hyundai aims to source more than 70% of batteries through its joint ventures by 2028 and beyond. <\/p>\n<p>Other plans include collaboration with specialised companies and startups, as well as establishing joint ventures with battery companies to ensure stable supply.<\/p>\n<p>\u201cJoint research and equity investment in startups to accelerate the development of next-generation batteries is also under way,\u201d the company said.<\/p>\n<p>The Seoul-based automaker said it aimed to achieve an operating profit margin of 10% or higher in the EV business by 2030.<\/p>\n<p>Its investment of 35.8 trillion won ($28 billion) in electrification is part of a 109.4 trillion won budget Hyundai plans to spend through to 2032.<\/p>\n<p>($1 = 1,285.2400 won)<\/p>\n<p> (Reporting by Hyunsu Yim and Heekyong Yang; Writing by Miyoung Kim; Editing by Ed Davies and Jacqueline Wong)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/hyundai-raises-ev-investment\/attachment\/file-photo-the-logo-of-hyundai-motor-company-is-pictured\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Joe Rogan calls on a Pfizer Friend to debate RFK Jr. on vaccines.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>National Political Correspondent Neil W. McCabe interviewed Tom Van Hoose, the owner of the Highwood Creek Outfitters facility, in Great Falls, Montana, about the combined IRS and ATF raid on his business. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Joe Rogan is offering a large sum of money to be donated to charity for vaccine scientist Peter Hotez to debate Robert F. Kennedy Jr.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Jim Nelles<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>SAO PAULO (Reuters) \u2013 Electric aircraft maker Eve, controlled by Brazil\u2019s Embraer, said on Tuesday it has signed letters of intent for\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Rachael Levy and Hyunjoo Jin SAN FRANCISCO (Reuters) \u2013 Billionaire entrepreneur Elon Musk expects his brain-chip startup Neuralink to start its\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Blake Brittain (Reuters) \u2013 Alphabet\u2019s Google on Friday sued a Los Angeles man and his companies in San Jose, California federal\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>SEOUL (Reuters) \u2013 Hyundai Motor will consider making its vehicles more readily compatible with the charging standard Tesla is pushing for in\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>, Hyundai Motor announced plans to increase its average annual investment in electrification by 65% to $28 billion over the next ten years. The company also revealed intentions to restructure its struggling China business in order to drive sales of electric vehicles (EVs).<\/p>\n","protected":false},"author":66,"featured_media":1951634,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[6251,4501,9834,9177,7229,29151],"class_list":["post-1951633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-boosts","tag-china","tag-hyundai","tag-investment","tag-operations","tag-trims"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1951633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1951633"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1951633\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1951634"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1951633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1951633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1951633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}