"Hyundai Motor Group to Invest 68 Trillion Won Over 3 Years to Revitalize Future Car Ecosystem"

Hyundai Motor to Employ 80,000 in Korea and Invest 68 Trillion KRW Over 3 Years
Half of Investment Focused on R&D
Annual Investment of 22.7 Trillion KRW, Up 30% from Previous Year
Direct and Indirect Employment Effect on Parts Suppliers 198,000
GBC Project Investment and Employment Effects Added

Hyundai Motor Group will hire 80,000 people and invest 68 trillion won in South Korea over the next three years to secure future mobility competitiveness. This blueprint aims to strengthen its position in the global market through proactive investment and make South Korea a mobility powerhouse.

On the 27th, Hyundai Motor Group announced a mid-term investment and employment plan that includes an annual investment of 22.7 trillion won in South Korea from this year through 2026. Although the group disclosed its investment plan for the next four years in 2022, this is the first time in nine years since 2015 that employment has been included at the group level.

Breaking down the total investment amount announced this time by year, it is expected to increase by 30% compared to last year's domestic investment of 17.5 trillion won. The detailed investment plan covers various fields, from research and development (R&D) to prepare for future vehicles, establishing electric vehicle-only factories, strengthening parts suppliers' capabilities, to the Global Business Center (GBC) project. Of the 68 trillion won investment, 31.1 trillion won, half of the amount, will be allocated to R&D, while the remaining half will be spent on capital expenditures, including establishing electric vehicle-only factories and the GBC project. Additionally, 1.6 trillion won has been allocated for strategic investments such as mergers and acquisitions (M&A).

By industry, 42.8 trillion won, accounting for 63%, will be poured into the finished vehicle sector, including future mobility businesses. The remaining 25.2 trillion won will be invested to strengthen related industries such as parts suppliers, steel, construction, and finance, which support finished vehicle sales.

In terms of employment, Hyundai Motor Group plans to directly hire 80,000 people. Considering the employment effects including the parts industry, the total direct and indirect employment is estimated to reach approximately 198,000 people. In future new business sectors such as electrification, software-defined vehicles (SDV), and hydrogen business, 44,000 new employees will be hired. Additionally, 23,000 people will be newly employed to strengthen existing businesses, including new model development and quality and safety management. The remaining 13,000 are re-employed senior workers such as retirees.

Hyundai Motor Group also expects significant employment and investment through the establishment of the GBC on the site in Samseong-dong, Gangnam-gu, Seoul. If the licensing procedures are completed and construction begins as planned by 2025, an investment of 4.6 trillion won and 9,200 new jobs are expected by 2026.

This content was produced with the assistance of AI translation services.