Hyundai announced a massive $50 billion (68 trillion won) investment to secure its position as the auto market transitions to EVs. The Korean automaker will hire 80,000 people in Korea to help it become a top-three EV maker by 2030.
Hyundai plans +$50 billion investment amid EV shift
Hyundai’s new investment is to “secure future growth engines,” including EV tech and software-defined vehicles (SDVs).
Over half of the investment (35.5 trillion won/ $26 billion) will be used for R&D on EV infrastructure and manufacturing to “dominate core technologies.” Another 31.1 trillion won will be used for R&D for EVs, SDVs, and battery tech.
Hyundai will also use the funding to expand EV-specific factories, IT capabilities, and joint investments in affiliates.
The company will first make a “large investment” in a new EV-specific factory. In Q2, Kia’s EV plant in Gwangmyeong will be complete, enabling Kia’s affordable EV3 to go on sale in Korea and overseas.
In the second half of 2025, Kia’s Hwaseong EV plant will begin producing custom PBV electric vehicles.
Hyundai’s new Ulsan EV plant will begin production in the first quarter of 2026, starting with the “Ultra-large” Genesis electric SUV. Once up and running, the plant is expected to produce 200,000 EVs annually.
Genesis unveiled its first full-size luxury electric SUV, the Neolun Concept, earlier this week. The sleek electric SUV will serve as Hyundai’s tech beacon.
Hyundai’s luxury brand also announced a new high-performance brand, Magma, that will rival Mercedes-AMG.
The Korean automaker, currently the third-largest globally (including Kia and Genesis), aims to be a top-three EV maker by 2030.
By then, Hyundai plans to have 31 electric vehicles with 1.51 million annual domestic EV production capacity. Hyundai is already seeing success with its dedicated EV platform (E-GMP) underpinning the IONIQ 5, IONIQ 6, Kia EV6, and Genesis GV60.
Hyundai is set to unveil its first three-row electric SUV, the IONIQ 9, later this year. Ahead of its debut, we got a sneak peek of the EV testing in public.
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Hamburger Hochbahn AG operates the city of Hamburg’s bus system, and they’ve just placed an order with Daimler Buses for 350 fully electric Mercedes-Benz eCitaro buses to be delivered to the northern German city for use as zero-emission public transport.
Hamburger Hochbahn AG becomes the latest bus operator to put in a major order with Daimler – as I type this, fully 95 examples of the Mercedes-Benz eCitaro electric buse have already been deployed on the streets of Hamburg through Vhh.mobility, with both Mercedes and Vhh.mobility calling the bus fleet’s arrival a major step towards CO2-neutral local transport.
“I am very pleased that, together with vhh.mobility, we can make a significant contribution to emission-free local transport in the Hamburg metropolitan region,” says Till Oberwörder, CEO of Daimler Buses. “Our battery-electric eCitaro city bus offers an excellent overall package: The modern, long-range electric drive ensures that passengers reach their destinations quietly and locally CO2-neutrally. Advanced assistance systems also increase safety in all road traffic conditions.”
When discussing their order, Hamburger Hochbahn AG representatives said they were particularly impressed by the low total cost of ownership (TCO) and the ease of maintenance offered by the Mercedes eCitaro electric bus over its service life.
Electric equipment from XCMG can now be ordered with interchangeable battery swap tech, enabling heavy trucks and construction equipment to swap out their BYD-developed, 400 kWh battery packs in just three minutes, and top-off as quickly as diesel.
And we’re not just talking about off-highway and heavy equipment – the XCMG’s swappable BYD batteries are making their way to on-road trucks as well … but we’ll get to that.
XCMG ZNK95 electric autonomous haul truck
XCMG showed off its latest electric equipment at last month’s Bauma China show, including an updated version of its of its 85-ton autonomous electric mining truck. Known as the ZNK95 (above), the truck features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. That’s too bad, too, because what operator wouldn’t want to experience a dedicated permanent magnet synchronous electric drive system capable of putting out 800 kW (1070 hp) and 22,000 Nm (16,200 lb-ft) of torque?
But autonomous solutions aren’t about hp and torque – they’re about keeping operators out of extreme and dangerouns environments. To that end, XCMG says its new HDEVs are fully capable of operating in high-altitude, extremely cold environments with temperatures as low as -40°C (a temp. that most diesels wouldn’t be able to start at, let alone run).
Even in those extreme climates, the XCMG gets the job done with an autonomous driving system that integrates a number of multiple cutting-edge technologies that combine environmental perception, decision-making and planning, vehicle control, and communication into a single dashboard that can be monitored by the fleet manager.
The system can even diagnose faults on individual vehicles and bring them back to service before they break down in the field – a huge potential problem if a truck or dozer gets caught underground!
The ZNK95 has already been deployed at a large, open-pit mine in Inner-Mongolia, China, that has adopted a comprehensive unmanned and electrified construction solution from XCMG Machinery for its latest “green” mining operation. The company says the mine will emit 149,000 fewer tons of harmful carbon emissions than it would with diesel haul trucks annually by the time its full order of ZNK95s is delivered in 2026.
But wait, there’s more …
If you needed a reminder that China is light-years ahead of the US when it comes to electrification tech (and, yes, I know light-years measure distance and not time – grow up), you should know that XCMG’s swappable battery tech, which features 400 kWh packs using BYD blade-style battery cells packed at a facility that’s run as a JV between XCMG and BYD, is such a non-event in a country that’s seen millions of swaps that it didn’t even merit a press release at Bauma.
In fact, the only reason I know about it at all was because I follow Etrucks New Zealand, an XCMG dealer, on LinkedIn, and he was talking it up.
“XCMG are by far the dominant EV exhibitor at Bauma Shanghai. Here a truck crane solution to swap construction machine batteries,” said Ross Linton, owner and President of Etrucks New Zealand. “Here a truck crane solution to swap construction machine batteries.”
Tesla drivers in Sweden are stuck in wait lines at Superchargers stations. Tesla blames union strikes preventing them from connecting their new stations to the grid.
For more than a year now, Tesla service workers in Sweden have been on strike, demanding inclusion in a collective agreement.
Tesla has historically opposed unions and successfully resisted unionization at its manufacturing facilities. Initially, this strike in Sweden seemed manageable, involving only a few dozen workers. However, Tesla underestimated the strength of solidarity among Swedish workers.
While the automaker managed to get around the service workers strike, it is now feeling the impact of “sympathy strikes” from other unions in Sweden.
Now, one of those sympathy strikes is really starting to cause trouble to Tesla owners, and other EV owners.
Union IF Metall used its influence to prevent Tesla from powering new Supercharger stations to put pressure to bring them to the negotiation table, and during the holidays, it is resulting in extremely long lines at the working Supercharger stations, as some posted on X (Nicklas Nilsso):
We have seen long wait lines at Tesla Superchargers before, but I think this might be the longest I’ve ever seen.
The same Tesla owner posted a local Supercharger map that showed that the vast majority of stations in the country currently required wait times to access a charger:
Max de Zegher, Tesla’s head of charging, commented on the situation and blamed the union strikes for preventing over 100 new Superchargers from being energized:
One of those “sympathy strikes” is getting pretty impactful As forecasted, Swedish EV drivers are suffering and EV infrastructure is not keeping up unless Superchargers get energized by the utilities blocking them from getting energized. Tesla Superchargers are critical infrastructure, especially for peak travel days like this. 100+ stalls in Sweden would have been energized this winter, if it wasn’t for sympathy strikes.
He added that there’s “no clear path” to fixing the situation:
Despite no clear path yet to getting turned on, we will also continue to invest and build sites for Swedish EV drivers, including more capacity in Malung, Käppen, Vansbro, Idre, Särna, and Sunne. We appreciate the support from the public to help us get Superchargers energized asap. Waiting in line like this is super painful, hurts EV adoption and totally fixable!
Tesla CEO Elon Musk has taken a hard line against unions and shown unwillingness to negotiate with them.
That’s a bummer. As de Zegher says, wait lines at chargers are not a great look for EVs. The good news is that most people know the reason for this problem in this specific case is this union dispute rather than an actual problem with EVs.
Now, of course, Tesla blames it on the unions, and the unions blame it on Tesla for not engaging with them.
Can’t we just all be friends?
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