NEW YORK/SEOUL, March 27 (Reuters) - Hyundai Motor Group

said on Wednesday it will invest 68 trillion won

($51 billion) over three years in South Korea to ramp up

electric vehicle production and new mobility business and

separately hire 80,000 new employees, doubling down at a time

when other established automakers are slowing efforts.

More than half of the investment, or 35.5 trillion won, will

be allocated for new research and development infrastructure and

assembly lines for EVs, the automaker said in a statement.

"We are doubling down on electrification," Hyundai

global Chief Operating Officer Jose Munoz said in an interview

at the New York auto show. "We're very committed to the United

States market."

In the U.S., Hyundai said in November it was investing $12.6

billion for new dedicated EV and battery manufacturing

facilities in Georgia - the largest investment outside South

Korea.

Hyundai Motor Group includes flagship Hyundai Motor ( HYMTF )

and its affiliate Kia, which together

are the world's number three automaker by sales. Auto parts

maker Hyundai Mobis and Hyundai Engineering & Construction are

also under the conglomerate.

Hyundai's new round of EV investment comes as rival

automakers are slowing plans to expand EV production, and

shifting capital to hybrid models or bigger share buybacks and

dividends for investors.

In 2021, General Motors ( GM ) said it planned to spend

more than $35 billion on EV projects through 2025, and would

prioritize accelerating EVs over near term profits. But last

year, the U.S. automaker delayed a planned electric truck

factory and slashed its projected EV output.

GM last year said it would spend $10 billion to buy back

shares, and CEO Mary Barra has indicated there could be more

buybacks. Stellantis ( STLA ) has also promised to return more

cash to shareholders rather than increase investments in EVs.

Ford, which three years ago outlined $30 billion

in EV spending through 2030, has since slashed production plans

for its F-150 Lightning electric truck and shifted workers to

build more gasoline-powered Bronco SUVs. Ford is now

"right-sizing the capacity and investments we are putting into

EVs," Chief Financial Officer

John Lawler said Tuesday

.

Toyota ( TM ), the world's largest automaker by

vehicle sales, is adding more EVs to its lineup, but the

Japanese automaker has put more emphasis on increasing sales of

gas-electric hybrids. Investors have cheered that choice,

sending Toyota ( TM ) shares up nearly 50% so far this year.

Munoz said Hyundai also sees a slowdown in the pace of

electrification, but added the Korean automaker will maintain

its plans but remain flexible, including the rollout of plug-in

hybrid vehicles.

Hyundai on Wednesday showed off its 2025 Tucson SUV and

will launch both hybrid and plug-in hybrid versions this summer.

"The only difference is we still see EVs in the long run

as the way we are going to see the biggest growth," he said.

Hyundai expects to begin producing EVs in Georgia in

October to allow them to qualify for $7,500 tax credits under

the Inflation Reduction Act - ahead of its initial schedule,

Munoz said. Hyundai, which saw U.S. EV sales double last year,

will soon announce what EVs it will build in Georgia, he added.

Among the projects encompassed in the new investment

plan announced Wednesday are the overhaul of a Kia factory for

production of a compact EV that will be "produced and sold

domestically and internationally."

In 2025, a second factory will start producing "PBV"

vehicles - a reference to a purpose-built EV. Hyundai showed

prototypes of PBVs used as commercial vehicles at this years CES

show in Las Vegas.

Hyundai's Ulsan factory will begin mass producing

"ultra-large" Genesis luxury EVs in the first quarter of 2026,

the company said.

Hyundai said in South Korea another 31.1 trillion won

will be slated for research and development in electric

vehicles, including software-defined vehicles (SDVs) and battery

technology, and most jobs created will be to promote future

business.

($1 = 1,343.500 won)