Hyundai Motor Group plans to invest $16.5 bln in S.Korea EV business

Hyundai Motor’s IONIQ 5 and Nexo exhibit at Hyundai Mobility Japan’s information conference in Tokyo, Japan, February 8, 2022. REUTERS/Kim Kyung-Hoon/Information

SEOUL, Could 18 (Reuters) – Hyundai Motor Group reported on Wednesday it strategies to spend a overall of 21 trillion received ($16.54 billion) by means of 2030 for the enlargement of its electrical car or truck (EV) organization in South Korea.

The South Korean car group, which residences Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), ideas to annually make 1.44 million units of EVs in South Korea by 2030.

The 1.44 million units of EV output volume in South Korea would account for about 45% of a merged world wide EV production capability of 3.23 million EV units in 2030, the car group reported in a statement.

Reuters noted very last 7 days that Hyundai programs to establish a new EV production plant in the U.S. condition of Georgia. browse additional

The Atlanta Journal-Structure noted the South Korean firm would commit $7.5 billion in Ga and retain the services of 8,500 persons as component of its options to make a new manufacturing unit.

Final calendar year, Hyundai Motor Team explained it plans to invest $7.4 billion in the United States by 2025 to create EVs, improve generation amenities and further more its expenditure in good mobility answers – technology to strengthen unique modes of transportation in metropolitan areas.

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Reporting by Heekyong Yang Enhancing by Jacqueline Wong and Kenneth Maxwell

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