South Korean automotive manufacturer Hyundai Motor Group announced today, Wednesday, its intention to invest 68 trillion won (56.5 billion US dollars) and employ 80,000 people in South Korea by 2026, as part of its effort to gain a competitive advantage in electric vehicles.

Hyundai said in a statement that the group, which includes its subsidiary Kia, aims to expand its annual production of electric vehicles in South Korea to 1.51 million units by 2030, noting that its investments last year amounted to 17.5 trillion won.

The South Korean news agency Yonhap quoted the statement saying the company intends to spend 31.1 trillion won on research and development projects.

Through this investment, Hyundai Motor Group aims to increase its electric vehicle portfolio to 31 models by 2030.

The group also aims to work on establishing an ecosystem for future mobility based on software-defined vehicles and artificial intelligence.