Hyundai Motor has presented a long-term investment and production plan until 2030-2032.

The total investment in developing new technologies, smart systems, low carbon including hydrogen, energy for its industrial enterprises, electric vehicle technology, etc. will be 109.4 trillion South Korean won ($85.4 billion). Of these funds, 35.8 trillion won ($28 billion) will be directed to the design, development, and production of new electric vehicles.

By 2030, this South Korean car manufacturer plans to produce 2 million electric vehicles per year. In 2022, the global sales of Hyundai electric cars amounted to 510 thousand units, which is 40% more than a year ago, Kommersant newspaper writes.

The company previously planned to increase annual production of electric vehicles to 1.87 million by 2030.

"With global EV [(electric vehicle)] demand growing faster than market forecasts, Hyundai Motor is raising its 2030 sales target from 1.87 million units to two million units," Hyundai added.

Also, the South Korean automaker announced plans to cut some of its production in China while increasing car production in three key markets: the US, Europe, and South Korea.

Following the sale of its first plant in China in 2021 and the closing of another plant in 2022, Hyundai Motor plans to shut down production at another plant this year. The two plants, where production has already been halted, will be sold, and the remaining two will be optimized. The range of Hyundai models sold in China will be reduced from 13 to 8, and will focus on the SUV segment and the Genesis series, the South Korean car manufacturer added.