Hyundai Motor unveils $8.5-billion spending plan amid EV push

Hyundai Motor will invest 10.5 trillion won ($8.5 billion) over the course of 2023, according to an exchange filing Thursday, as it moves to electrify more of its fleet to sate rising consumer demand for cleaner cars. The South Korean automaker is also targeting revenue growth of as much as 11.5% this year after posting fourth-quarter earnings that beat analyst estimates.

Hyundai also increased dividends in an unusual move for the carmaker.

The maker of Tucson SUVs, Sonata sedans and Ioniq electric vehicles earlier this month said it aims to sell 4.3 million cars globally this year, or about 10% more than last year.


Affiliate Kia Corp, the maker of Sportage SUV and the Carnival people-mover, is also targeting growth of 10% for 2023, for a total of 3.2 million vehicles. Combined, Hyundai and Kia rank as the world’s thirdlargest carmaker behind Toyota Motor Corp. and Volkswagen AG.

Carmakers from Tesla to VW are boosting production. Elon Musk’s EV pioneer plans to increase output “as quickly as possible” after posting better-thanexpected profits, it said Wednesday in the US.