Hyundai's $51 Billion EV Investment Impact on Rivian and Lucid
Hyundai's Big Splash
Hyundai plans to spend $51 billion over the next three years to enhance its electric vehicle capabilities and hire new employees. More than half of the investment will focus on researching EVs and developing new assembly lines.
For pure EV companies like Rivian and Lucid, Hyundai's investment in EV infrastructure is crucial for growth and competition.
Hertz Ends EV Gamble
After bankruptcy, Hertz has begun selling off EV fleet due to weak demand and high depreciation. This situation is bad news for Rivian and Lucid, as they face challenges with demand and competition.
Toyota's Reluctance
Toyota's Chairman believes internal combustion engines will dominate the market, which could hinder the prospects of Rivian and Lucid in the EV sector.
Perspective
Investors should view Hyundai's investment as positive for Rivian and Lucid, with a focus on reducing battery costs and improving charging infrastructure.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.