Hyundai to invest more than $50 bn in South Korea in major EV push

Hyundai on Wednesday revealed plans to invest more than $50 billion in South Korea by 2026, with a huge chunk dedicated to boosting the development and production of electric vehicles.

Along with its affiliate Kia, Hyundai is the world’s third-largest automaker by sales, but the South Korean giant lags in the EV sector behind Elon Musk’s Tesla and Chinese firm BYD.