Hyundai plans to invest a total of 21 trillion won ($ 16.54 billion) by 2030 for the expansion of its EV business in South Korea.
Hyundai Motor Group said on Wednesday it plans to invest a total of 21 trillion won ($ 16.54 billion) by 2030 for the expansion of its electric vehicle (EV) business in South Korea.
The South Korean car group, which houses Hyundai Motor Co. and Kia Corp., plans to build 1.44 million EV units in South Korea annually by 2030.
1.44 million units of EV production volume in South Korea will account for about 45% of the combined global EV production capacity of 3.23 million EV units by 2030, the auto group said in a statement.
Reuters reported last week that Hyundai plans to build a new EV manufacturing plant in the US state of Georgia.
Atlanta Journal-Constitution reports South Korean companies will invest $ 7.5 billion in Georgia and hire 8,500 https://www.ajc.com/news/hyundai-motor-expected-to-formally-announce-georgia-ev-plant-next -week /477JE55GSFDLTAISS7QYEXKTXA people as part of his plan to build a new factory.
Last year, Hyundai Motor Group said it planned to invest $ 7.4 billion in the United States https://www.reuters.com/business/autos-transportation/hyundai-motor-invest-74-bln-us-by-2025-2021- 05-13 by 2025 to produce EVs, upgrade production facilities and extend its investment in smart mobility solutions – technologies to improve different modes of transportation in the city.
(This story has not been edited by NDTV staff and is automatically generated from a syndicated feed.)
For the latest auto news and reviews, follow carandbike.com at TwitterFacebook, and subscribe to our YouTube channel.