Hyundai plans to invest $ 16.5 billion in the Korean EV business

SEOUL – Hyundai Motor Group said Wednesday it plans to invest a total of 21 trillion won ($ 16.54 billion) by 2030 to expand its electric vehicle business in South Korea.

South Korean auto group, which includes Hyundai Motor Co and Kia Corp, plans to produce 1.44 million units of EV annually in South Korea by 2030.

South Korea’s 1.44 million units of EV production 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 was planning to build a new EV manufacturing plant in the US state of Georgia.

The Atlanta Journal-Constitution states that the South Korean company will invest $ 7.5 billion in Georgia and employ 8,500 people as part of plans to build a new factory.

Last year, Hyundai Motor Group said it plans to invest 7. 7.4 billion in the United States by 2025 to manufacture EVs, upgrade manufacturing facilities and improve its transportation in cities to further its investment in smart mobility solutions – technology.

($ 1 = 1,269.6400 won)

(Reporting by Heikyung Young; Editing by Jacqueline Wong and Kenneth Maxwell)

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