Hyundai Motor to invest $85 billion by 2032 to accelerate EV plans

South Korea's Hyundai Motor Co plans to invest about 109.4 trillion won ($85.41 billion) in the period through to 2032, the company said on Tuesday, including around 35.8 trillion won allocated for electric vehicles (EVs).

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

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