Hyundai invests $28 billion in electric vehicles

The South Korean company also announced plans to reduce part of its production in China, while increasing the production of cars in three key markets: the United States, Europe and South Korea. "After selling our first factory in China in 2021 and closing another factory in 2022, Hyundai Motor plans to stop production at another factory this year. Two factories, where production has already been suspended, will be sold, and production will be optimized at the remaining two. The range of our models sold in China will be reduced from 13 to 8 and will focus on the SUV segment and the Genesis line," the company added.