Photo: Motortrend
Hyundai plans to invest as much as 10.5 trillion won ($8.5 billion USD) in 2023 into research and development and its construction of an electric vehicle (EV) plant in Georgia, reports Bloomberg, as noted in a filing on Thursday.
The news also comes after Hyundai began working on a $5.5 billion EV and battery factory in Savannah, Georgia in October.
Hyundai says it’s targeting 11.5 percent revenue growth in 2023, and its fourth-quarter results last year outpaced most analyst predictions. Also, Hyundai increased its dividends in a unique move, after which the automaker’s stock jumped by as much as 6.3 percent.
“Favorable foreign-exchange rates and higher sales of value-added cars led the growth for 2022,” Hyundai Executive Vice President Seo Gang-Hyun said.
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Gang-Hyun also noted that the global chip shortage that’s been plaguing automakers since 2020 should ease up this year, though the company also plans to up its marketing costs amidst the subsequent increasing competition.
The automaker has also been lobbying the U.S. government to ease rules on the Inflation Reduction Act’s federal tax credits, due to the exclusion of foreign-built EVs. Hyundai pointed out to the U.S. government that it’s currently working on multiple factories in North America, seeking to be granted the tax credits in the interim.
In October, auto publication Motortrend named the Hyundai Ioniq 5 the SUV of the Year, marking the first EV to win the award from the former.
