Hyundai Motor Group will invest 24 trillion won (~$18 billion) in South Korea’s electric vehicle industry through 2030, the company said Tuesday.
The news comes a week after Kia, which falls under the Hyundai umbrella, announced its own 32 trillion won (~$24 billion) investment into electrification and future business areas. Hyundai’s investment plan was revealed during a groundbreaking ceremony for Kia’s first designated EV plant.
Hyundai’s auto group, which also includes Hyundai and luxury brand Genesis, said Tuesday it plans to expand annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030.
Kia said in a statement that it would invest about 1 trillion won (~$756 million) in the new EV plant. The company expects the plant to begin production in 2025 and to produce 150,000 units in the first year. The plant will be home to a variety of midsized vehicles, including purp …
