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Hyundai Motor Group will invest 68 trillion won ($51 billion) over three years to build 80 million We are planning to hire new people.
Hyundai, South Korea’s third-largest conglomerate in terms of assets, said on Wednesday it will invest 68 trillion won in its South Korean operations by the end of 2026 to strengthen growth potential in future mobility projects, including electric vehicles and SDVs. Announced.
Hyundai announced in a statement that 35.3 trillion won, more than half of the investment, will be used for new research and development infrastructure, expansion of EV production facilities, and construction of a new headquarters called the Global Business Center (GBC). .
Approximately 31.1 trillion won, or 46% of the total amount, will be invested in research and development departments aimed at strengthening automobile competitiveness, electrification, SDV, and battery technology.
The auto group said the 1.6 trillion won will be used for “strategic investments” in new mobility, software and self-driving technologies.
With a total investment of 68 trillion won, the average annual expenditure by the end of 2026 will be 22.7 trillion won, which is 30% higher than the 17.5 trillion won in capital investment planned for 2023.
Hyundai Motor Group’s affiliates include Hyundai Motor, Kia Motors, and auto parts manufacturers Hyundai Mobis, Hyundai Construction, and Hyundai Rotem.
Combined, Hyundai and Kia are the world’s third-largest automaker in terms of sales, after Toyota and Volkswagen.
Expand EV lineup to 31 models by 2030
Hyundai Motor Group announced that with this investment, it plans to expand its EV lineup to 31 models by 2030.
The company also plans to increase annual EV production in South Korea to 1.51 million units by 2030.
One of the key strategic areas that Hyundai Motor Group is focusing on is the development of software-defined vehicles (SDVs).
CEO Jang Jae-hoon said at Hyundai’s annual general meeting last week that the company will establish an advanced vehicle platform headquarters to lead SDV projects.
SDVs, often referred to as smartphones on wheels, allow for continuous and seamless upgrades of vehicle functionality through wireless systems throughout the vehicle’s lifespan. Hyundai said it aims to eventually make all its vehicles SDVs.
Active new recruitment
In line with the 68 trillion won investment, Hyundai Motor announced that it will hire 80,000 new employees over three years, including 13,000 seniors and experienced workers, to support its growth strategy. did.
The majority of the new jobs will be focused on future business development, with 44,000 new staff expected to be hired in the electrification, SDV and carbon neutral sectors.
The planned hiring will create an additional 118,000 new jobs in subcontractors and other related businesses.
New jobs will also be created in areas such as the GBC project, next-generation nuclear power including small modular reactors (SMRs), and smart logistics.
Hyundai said in a statement: “Through this investment and new jobs, we aim to ensure a strong growth engine even in the era of the ‘Big Blur’, which does not respect national or industry boundaries.”
new headquarters
Hyundai announced its three-year investment plan on Wednesday, while also updating the Hyundai Global Business Center project.
Back in 2016, the automaker announced it would build a 105-story skyscraper to bring all its affiliates under one roof.
However, the plan faced opposition from the South Korean Air Force due to safety concerns and Hyundai Motor executives due to the high cost.
Hyundai later changed its original plan and announced that it would construct two 50-story buildings and ancillary facilities.
Construction of Hyundai Motor’s new headquarters in Samseong-dong, Gangnam, Seoul’s upscale business district, will require an investment of 4.6 trillion won by 2026, and 9,200 new jobs will be created by then, according to Hyundai Motor. is said to be created.
The company announced that construction work will begin in the second half of next year after receiving approval from the Seoul Metropolitan Government.
Write destination Nan-Sae Bin and Chae-Yeon Kim at binthere@hankyung.com
In-Soo Nam edited this article.
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